Parkwalk leads £4m investment in Psyomics

11 Jun, 2024
Tony Quested
Cambridge-based mental HealthTech company Psyomics has raised £4 million growth capital, with Parkwalk Advisors contributing £3.5 million as lead investor.
Psyomics CEO, Dr Melinda Rees. Credit – Psyomics

Based at St John’s Innovation Centre, Psyomics says the fresh funding will help accelerate the extension of the company’s AI-informed medical device Censeo, to include specialist children and young people’s mental health assessment.

It says Censeo is transforming how mental health conditions, from serious complex and enduring to common anxiety disorders, are assessed and triaged.

Spun-out from The University of Cambridge through the Cambridge Centre for Neuropsychiatric Research (CCNR), Psyomics’ platform Censeo undertook its first commercial year in 2023 with five NHS and private healthcare contracts, including in the Hertfordshire Partnership Foundation Trust, as a Class 1 medical device.

By utilising smart algorithms to perform detailed and personalised analysis, Censeo creates a biopsychosocial ‘profile’ of an individual’s mental health needs.

Censeo’s in-depth insights allow for a greater understanding of a patient’s personalised needs and treatment pathways, helping achieve their best possible clinical outcome.

The technology is having an immediate impact on service provision with 81 per cent of clinicians reporting that Censeo improved the quality of care and on average reduced time spent on patient triage and assessment by 50 percent or more.

Dr Melinda Rees, CEO of Psyomics, said: “Mental health services continue to be in a challenged state in the UK and globally, with people waiting far too long for treatment.

“Censeo cuts waiting lists by reducing the administrative time burden, streamlining assessment processes and freeing up clinical time for healthcare professionals to spend treating patients.

“With these funds we can advance our platform, crucially developing a service for children, young people and their families and carers, expanding our reach so more people are able to get help sooner.

“Since Covid there has been an alarming downturn in children’s mental health, with record numbers of families seeking support. It is in everyone’s best interests to get these families the help they so desperately need and deserve.”

Mental health services in the UK are under significant strain. 1.4 million people are waiting for mental health treatment at any one time and 78 per cent of those waiting resorted to emergency services or a crisis line.

Martin Glen, Investment Director at Parkwalk Advisors, said: “The demand for mental health services in the UK is on a rapid incline, whilst the availability and access to services is struggling to keep pace.

“Psyomics’ technology can help transform how we approach the assessment of mental health conditions not only in the UK but globally.

“Psyomics has an exciting pipeline of new technologies and services that will see it pioneer a more efficient approach to mental health diagnosis. It is an exceptional example of the contribution that the UK’s universities are making throughout healthcare and we are delighted to help Psyomics scale and reach more people.”

In June 2024, Psyomics also secured the international exclusive license on world first intellectual property for improving the diagnosis of bipolar disorder through a biomarker panel.

Bipolar disorder is commonly misdiagnosed as major depressive disorder owing to a lack of diagnostic tools and overlapping symptoms. A new study, led from the University of Cambridge, produced globally significant results identifying biomarker signatures that recognise and differentiate the disorder. Psyomics is integrating these findings into Censeo, uniquely strengthening its diagnostic capabilities for bipolar disorder.

To accelerate the roll out of its technology across NHS and Private Healthcare services, Psyomics has made several key hires, starting with Dr Rees’ substantive appointment in October. Dr Rees is a pioneering Consultant Clinical Psychologist with over 30 years clinical leadership experience in the NHS and independent sector.

Chloe Dowson, a Strategy and Operations specialist in international HealthTech has become Chief Operating Officer and Rupert Hipwell has joined as Chief Commercial Officer following 15 years of experience in HealthTech and BioTech.