Israeli AI mental healthcare company Eleos Health today announced the completion of a $60 million Series C financing round led by Greenfield Partners, with participation from existing investors F-Prime Capital, Eight Roads, Menlo Ventures and ION and new investors including the Michael & Susan Dell Foundation, Union Tech Ventures and Centerstone. This round brings the total amount raised by Eleos to over $120 million.
Eleos has developed AI solutions that help professionals transform care by overcoming bureaucratic hurdles and administrative burdens. The company will use the new investment funds to expand its offerings, grow its commercial team and push into underserved segments of behavioral healthcare including substance use disorder (SUD) treatment centers. Post-acute behavioral healthcare, an $11 billion market historically underfunded by health tech, is a core focus of Eleos’ growth strategy.
The company was founded in 2020 by CEO Alon Joffe, CTO Alon Rabinovich and CRO Dror Zaide. Joffe says the company's product is installed by about 130 customers, who are organizations that provide mental health care to tens of thousands of patients. The company's revenue already amounts to tens of millions of dollars. Eleos has 160 employees, about half of whom are in Israel.
The company is also announcing the launch of a powerful new clinical documentation improvement (CDI) product, Eleos Compliance. Developed with guidance from legal and regulatory experts retained by the National Council for Mental Wellbeing, Eleos Compliance gives behavioral health organizations near-instant review of every submitted progress note. Leveraging agentic AI - the next generation of AI that proactively surfaces insights. Eleos Compliance flags potential documentation errors before they can trigger costly fines or payment claw-backs. This proactive approach simplifies the appeals process and supports ongoing accreditation efforts.
Published by Globes, Israel business news - en.globes.co.il - on January 22, 2025.
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