Ieso breaks record with £18m fundraising as it scales in the US
Cambridge-based Ieso Digital Health, the UK’s largest provider of online mental healthcare, has closed an £18 million funding round to accelerate growth in its home market and the commercialisation of its transformative technology platform in the US.
The funding round is the largest amount raised by a digital behavioural health business in Europe.
Ieso is already transforming mental health delivery in the UK, by making high quality, evidence-based cognitive behavioral therapy (CBT) available to more than nine million people.
The technology is available through the NHS as part of Improving Access to Psychological Therapies.
Relative to international duration of treatment, Ieso is able to increase the speed at which people recover in treatment by as much as 50 per cent. By the end of 2017, more than 100,000 therapy hours will have been delivered, making Ieso the UK’s largest provider of online CBT.
Ieso’s published and auditable outcomes have been consistently superior to NHS averages in the most commonly presenting mental health conditions and its breakthrough service has recently been introduced in the US.
The business has assembled one of the most experienced mental healthcare management teams to drive adoption in both markets comprising world class data scientists, renowned Artificial Intelligence development experts, first class clinicians, outstanding therapists and highly experienced executive leadership.
CEO Dan Clark said: “This financing is a great vote of confidence in Ieso’s ability to become a global leader in mental health delivery and our technology which lies at the intersection of online evidence-based CBT, dynamic artificial intelligence learning, real time therapist support and mobile accessibility, ultimately creating high quality, accessible CBT therapy.
“Up to 60 per cent of people in the US alone have unmet behavioural health needs. This presents a major opportunity for Ieso to make a radical impact on healthcare outcomes and costs.
“With our technology and clinical data science we are simultaneously improving patient outcomes and reducing costs to the healthcare system.”
The funding round introduces to Ieso leading venture capital investor Draper Esprit, which co-led this round, committing £7.5m alongside existing investor Touchstone Innovations, which invested £8m.
The round will have two closes to permit investment from other current investors including a number of significant UK business angels and the Ananda Social Venture Fund, whose investment director, Lennart Hergel added: “The Ieso story is a textbook example of social impact investment working in partnership with commercial technology funding as the company scales.”