Ieso Digital Health, the UK-based developer of a digital therapeutics platform, closed a $53m series B round yesterday featuring consumer electronics manufacturer Sony’s Innovation Fund.
Investment firm Morningside led the round, while commercialisation firm IP Group, Molten Ventures and Ananda Impact Ventures also participated.
Founded in 2000, Ieso has developed artificial intelligence-equipped digital assessment tools and therapeutics to provide treatment for mental health afflictions such as anxiety and depression.
The company is also seeking regulatory approval for its autonomous digital tools in the UK and United States, and will use some of the series B capital to build a commercial team stateside. It will also drive further growth in the UK, where its partners already include the National Health Service (NHS).
Nigel Pitchford, chief executive of Ieso, said: “Our experience delivering outstanding mental health care within the NHS ideally places us for starting to tackle this challenge. A new generation of clinically-validated digital mental health care products could ultimately improve millions of lives.
“But we cannot do this alone, and look forward to working with our patients, clinicians, investors, as well as existing and future partners, to better serve those who require mental health support.”
Stephen Bruso will take a seat on Ieso’s board of directors on behalf of Morningside. A regulatory filing indicates the company had raised a total of nearly £31m by the end of 2019, although details of its historical funding are sparse.
Touchstone Innovations, subsequently acquired by IP Group, co-led a $20m round for Ieso in 2017 with Draper Esprit that may have included Ananda Social Venture Fund and assorted angel investors. Touchstone had initially invested an undisclosed amount in 2013.
The original version of this article appeared on our sister site, Global University Venturing.
