BOSTON, MA and Tel Aviv, Israel, 13th September 2021: Eleos Health, a digital health startup transforming behavioral healthcare with voice-based AI insights, today announced the close of $6M in seed funding to develop and launch their new category of automated healthtech solutions that accelerate clinicians’ decision making. The company’s breakthrough AI-powered Speech-to-Insights system for clinicians ensures the provision of more accessible, efficient, personalized and time and cost-effective care. This new round of funding will be used to support the expansion of sales, marketing, and solution delivery teams needed to meet the demand for enterprise software deployments across providers and payors.
This round of funding was led by aMoon Fund with participation from lool ventures, who led the company’s pre-seed round, and Gandyr Group, alongside Arkin Holdings, Geingels and former c-suite and executives from Google, MIT Media Lab, and Pegasystems. The ninth Secretary of the US Department of Veterans Affairs, Dr. David Shulkin has joined the company’s board.
Founded in 2020, Eleos Health’s co-founders Alon Joffe, Dror Zaide, Alon Rabinovich, and Dr. Shiri Sharvit identified a substantial gap between the surge in demand for behavioral health service – a shortage of 4.5m behavioral health clinicians is forecasted by 2025 – coupled with the fact that clinicians’ best tool is still their notebook. Eleos delivers modern VoiceAI capabilities in an industry relatively untouched by technology, enabling clinicians and care teams to provide greater access to more personalized, effective care with dramatically improved outcomes.
Eleos’s advanced VoiceAI technology securely runs in the background of behavioral health sessions, analyzing hundreds of data parameters within each session, to provide new actionable insights that enable clinicians to make data-informed decisions. Eleos provides immediate value – optimizing clinicians’ workflows by auto-generating notes and automating clinical administrative tasks, enabling them to reach 25-40% more consumers and removing the bottle neck for greater access to care.
To date, Eleos has already deployed its solution with over a dozen leading provider organizations such as Solvista Health, Achieve, Yeshiva University and ReachLink who are all proactively addressing the growing burnout of staff. Providers are leveraging Eleos’ comprehensive therapy dataset- which is one of the largest in the world, containing more than 1,200,000 minutes of curated treatment encompassing over 14,000,000 in-session moments. Eleos’ solution translates this data into actionable feedback which clinicians can use to drive clinical and operational efficiencies.
“The demand for behavioral health services has skyrocketed since the pandemic”, said Alon Joffe, Founder and CEO of Eleos Health. “More than 35 million additional Americans are experiencing a behavioral health condition which resulted in $140B additional healthcare spend in the first 12 months post-onset of the COVID-19 pandemic. In normal times, around 40% of clinicians leave their job within 3 years. Care quality suffers when clinicians are working with outdated, incomplete data, and this exacerbates the virtuous cycle of high consumer volume and not enough clinicians to care for them. We want to help clinicians make more data-driven decisions and improve the care they provide while automating their administrative processes for them.”
Roy Wiesner, Managing Director at aMoon Fund, said “Eleos Health is powering the future of evidence-based behavioral health at a time where we see a dramatic increase in the demand for behavioral care services. Therapy sessions have remained a black box while other therapeutic areas have undergone a data-driven revolution. Eleos seeks to change that and is already deploying at scale. The founders and leadership team are mission driven, have built a sophisticated solution, and are delivering on the promise of helping reduce caregiver burnout alongside providing clinical insights, thereby improving access and quality of care.”
“Behavioral health is a significant driver for total healthcare costs and it will take novel approaches to bring about real improvements,” said David Shulkin, M.D., Former US Secretary of the Department of Veterans Affairs. “Eleos is innovating by leveraging unstructured, de-identified, voice data, together with standardized EMR data to deliver a solution that was built with the clinician’s workflow in mind, and demonstrate real world results.”
Douglas Kim, Fellow at MIT Connection Sciences and former Pegasystems and Kyruus executive, added: “Eleos is leveraging modern advances in Artificial Intelligence, Natural Language Understanding, and Clinical Workflow Automation along with an enterprise-grade solution that combines reliability and security standards expected by the healthcare industry. They have successfully combined sophisticated enterprise software capabilities with clinical expertise – essential ingredients to be a breakthrough solution.”
About Eleos Health
Eleos Health has pioneered the new category of ambient VoiceAI workflow solutions to drive operational and clinical efficiency for behavioral health providers. Eleos’ advanced AI-based Care Intelligence solution runs securely in the background of therapy sessions to digitize auto-generated notes, analyze hundreds of data parameters within each session and provide real-time insights related to the delivery of evidence-based care. This results in clinicians’ ability to see more consumers and improve access to care. Eleos Health leverages this shared knowledge of community therapists, clinicians, academics, hospitals, and researchers to deeply understand what is working for every person and power the future of personalized behavioral health. Visit Eleos.Health for more information or follow us on Linkedin.
About aMoon Fund
aMoon is a global HealthTech and Life Sciences VC fund based in Israel. As Israel’s largest HealthTech fund, with over $1.3 billion AUM, aMoon partners with outstanding entrepreneurs who harness groundbreaking science and technology to transform healthcare. Together with our portfolio companies, we work tirelessly to advance solutions that will help people live healthier, better lives. For more information, please visit www.amoon.fund.
About lool ventures
A team of founders and company builders turned investors, lool ventures finds and backs Israel’s best founders early on and ahead of the curve by leading their seed rounds. Deliberately anti-thematic in its approach, the fund is the partner of choice for mission-driven founders who either have a clear vision of how existing industries can be reinvented or entirely new market categories created. As seed to scale specialists, lool aggregates the teams’ extensive scaleup experience, knowledge and global network to support founders throughout their journey which begins with Israel’s most comprehensive “Seed to Series A” program.
Learn more at www.lool.vc