Israeli AI behavioral health company Eleos Health today announced the completion of a $40 million Series B financing round led by Menlo Ventures, with participation from F-Prime Capital, Eight Roads, Arkin Digital Health, SamsungNEXT and ION along with existing investors aMoon and lool ventures. This round brings the total amount raised by Eleos Health to $68 million.
The latest funding will support the company’s product development plans, which include new and enhanced AI solutions for group therapy sessions, compliance automation, case management, concurrent documentation and value-based care support. The funds will accelerate Eleos Health’s hiring, expand its marketing and sales reach to serve more behavioral health providers and segments, and bolster strategic partnership development to bring more EHRs and industry associations into the Eleos ecosystem. The company, which has 95 employees, plans to hire more than 50 people by the end of 2024.
Eleos Health has launched a CareOps Automation platform that leverages specialized AI models to turn behavioral health conversations into automated documentation and clinical insights.
The company has tripled its year-on-year revenue growth and is set to repeat this in 2023. Eleos Health has also more than doubled its customer base, quadrupling the number of providers using an Eleos solution and expanded to serve 23 US states. The company has analyzed more than 3 million minutes of therapy sessions year-to-date in 2023, saving more than 300 days of documentation time across all providers and organizations.
Eleos CEO and cofounder Alon Joffe said, "At Eleos, we believe client-centered care can’t happen without a human provider at the center of the therapeutic relationship, which is why we focus on augmenting - not replacing - their ability to engage with and help clients effectively and efficiently. We started Eleos after personally witnessing the immense administrative barriers facing clinicians - through our own experiences and those of our loved ones. The providers will always be the heroes of the care story - we’re just here to help them write it better and faster."
Published by Globes, Israel business news - en.globes.co.il - on November 8, 2023.
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