Behavioral health startup Eleos Health announced a $40 million Series B funding round for its AI-backed voice technology that gathers insights into a patient’s mental wellbeing. The round brings the company’s total raise to $68 million, per Mobi Helath News.
Menlo Ventures led the round with participation from SamsungNEXT, ION, Eight Roads, Arkin Digital Health and F-Prime Capital. Existing investors aMoon and lool ventures also participated.
The company created an artificial intelligence voice tool that can run in the background of a mental health session. Clinicians can then use the platform’s AI capabilities to help analyze their patients.
Eleos will use the funds to fuel product development, including creating and enhancing AI solutions for group therapy sessions, case management, compliance automation, concurrent documentation and value-based care support.
The company will also expand its workforce and develop strategic partnerships. The company said it plans to hire more than 50 people by the end of 2024.
