ieso Raises $53m to Handle International Psychological Well being Disaster With Digital Therapeutics

BOSTON & CAMBRIDGE, England – (BUSINESS WIRE) – ieso, a UK leader in digital mental health, today announced the completion of its Series B funding of 53 million existing shareholders IP Group, Molten Ventures and Ananda Impact Ventures.

Every year one in five people has mental illness, and depression is estimated to cost the global economy $ 1 trillion. At the same time, there are fewer than 4 psychiatrists for every 100,000 people in half of the world’s countries. The growth of wellness and mental health apps is aiming to meet this demand, but there is currently a lack of clinically proven digital therapeutics to treat diagnosed mental illnesses.

The funds raised will also help address this global mental health crisis by developing autonomous therapy systems that meet the high standards of human health care at a significantly lower cost to health systems. These new tools could improve the lives of the 500 million people worldwide who struggle with mental and behavioral health every day but lack access to appropriate personalized care.

Ieso’s AI-enabled digital assessment tools and therapeutics for mental illness are based on the knowledge gained from the world’s largest result-linked therapy data set, which comprises more than 460,000 hours. The data includes insight into and treatment of common mental illnesses such as depression and anxiety, and those linked to long-term conditions such as diabetes.

ieso intends to seek regulatory approvals for its autonomous digital tools in the US and UK before they are brought to these markets. The company will expand its sales teams to the United States and seek joint development and sales partnerships that enable scalable market access.

ieso will continue to provide its digital therapy service to more than 20 million people in the UK through existing partnerships including the NHS. Working with its network of highly qualified therapists and wellness practitioners, ieso will develop products that work in a real-world clinical setting and strive to maintain the continuous improvement in recovery it has seen over the past five years.

Commenting on the successful Series B funding, ieso CEO Nigel Pitchford said: “At ieso, we aim to transform global mental health by harnessing the power of clinical data to develop AI-powered digital therapeutics. Our experience in delivering great mental health care within the NHS makes us ideal to address this challenge. A new generation of clinically validated digital mental health products could ultimately improve the lives of millions of people. But we cannot do this alone and look forward to working with our patients, clinicians, investors, and existing and future partners to better serve those in need of mental health support. “

Stephen Bruso, Morningside Ventures, who also joins the board of directors, commented, “ieso’s advanced AI-driven digital therapy platform is yet another testament to the power of data in mental health. By combining one of the world’s largest databases for cognitive behavioral therapy with sophisticated AI algorithms, ieso offers improved mental health care to patients with significant unmet needs. We are proud to work with them on this endeavor. “

Dr. Andy Richards CBE, chairman of ieso added, “We are in a global mental health crisis. There are simply not enough doctors to assess and treat the growing numbers of people in need. As the number of mobile apps used to treat mental illness has skyrocketed, there is an urgent need for true digital therapeutics approved for the treatment of patients. With the support of our investors who share our purpose, we will continue our mission of combining clinical expertise, data science and technology to enable better and more accessible mental health care. “

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Notes for editors

About ieso

ieso is the UK’s leading digital mental health and therapeutics company. It addresses the global mental health crisis by developing clinically proven assessment and treatment products that enable anyone with a common mental illness to recover.

ieso uses technology and data science to better understand, prevent, detect, and treat mental illness. The core product offers an AI-supported, therapist-performed, digital cognitive behavioral therapy (CBT). With a growing network of 600 fully qualified therapists, ieso cares for more than 20 million adults through the UK’s National Health Service (NHS).

By analyzing over 500 million data points contained in the world’s largest outcome-related mental health dataset, ieso’s AI and data research teams are deciphering the active components of therapy and enabling breakthrough approaches to digital therapeutics (DTx). They have already developed AI tools that review therapy sessions to highlight suboptimal treatments and drive better patient recovery outcomes.

ieso develops new digital therapeutic products that support the necessary change in psychiatric care. Work includes automated mental health assessment products and new digital therapeutic solutions. The short-term goal is to bring an ongoing pipeline of government-approved autonomous digital assessment and treatment products to the UK and US markets.

For more information, visit www.iesogroup.com and connect with us on Twitter @IesoHealth and LinkedIn.

About the global mental health crisis

With 1 in 4 people in the UK and 1 in 5 in the US having diagnosable mental illness and less than half of those receiving treatment, the need for clinically proven, recovery-based digital therapies has never been more pressing.

Poor mental health is a leading cause of disability worldwide. On any given day, approximately 500 million people meet the criteria for a common mood disorder, with depression affecting over 264 million people alone.

Two of the most common mental illnesses, depression and anxiety, cost the global economy $ 1 trillion annually. Despite these numbers, the global median government spending on mental health is less than 2%.

In addition, the link between poor mental health and deteriorating physical health, especially with long-term illnesses such as diabetes, is well established, making effective mental health management even more important.

About digital therapeutics

Digital therapeutics (DTx) are government-approved, evidence-based therapeutic interventions driven by software to prevent, manage, or treat a medical disorder or disease. DTx is projected to have a global opportunity of $ 56 billion by 2025.

DTx seeks to treat chronic and behavioral illnesses that make up the bulk of healthcare spending. Examples of interventions are mobile health and wellness apps that replace or complement the existing treatment of a disease. They differ from the broader digital healthcare sector in their focus on proving the concept and obtaining regulatory approvals prior to market entry.

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