Digital mental health tech raises £39 million

Ieso Digital has announced that it has secured £39 million in Series B financing, to develop its evidence-based digital therapeutics solutions.

T‍he company said the funding will be used to “develop autonomous therapy systems” and hoped to “match the standards of human care delivery”.

In the announcement, the company highlighted a significant growth in the wellness and mental health app market, however noted, “there is currently a lack of clinically-evidenced digital therapeutics for treating diagnosed mental health conditions”.

Ieso will now seek regulatory approval for its autonomous digital tools in the US and UK, ahead of making them commercially available.

Nigel Pitchford, CEO, Ieso, said: ‍”At Ieso, we’re looking to transform global mental health by unlocking the power of clinical data to develop AI-enabled digital therapeutics. Our experience delivering outstanding mental health care within the NHS ideally places us for starting to tackle this challenge. A new generation of clinically-validated digital mental health care products could ultimately improve millions of lives. But we cannot do this alone, and look forward to working with our patients, clinicians, investors, as well as existing and future partners, to better serve those who require mental health support.”

‍Recently, Ieso Digital’s technologies have been made available through Boots’ digital Health Hub, providing a mood and symptom checker called How Are Things. At a cost of £10, users can complete a questionnaire and receive a validated report from a clinician within two days. This includes mood and anxiety scores, together with self-help activities based on CBT, and advice about where the user can go next to get support if appropriate.

The financing round was led by investment firm Morningside, with further new investment from Sony Innovation Fund and existing shareholders IP Group, Molten Ventures and Ananda Impact Ventures.