Eleos Secures $60M in Series C Funding to Revolutionize Behavioral Healthcare with AI

Eleos gets $60M in funding to transform behavioral healthcare with AI agents - SiliconANGLE

Eleos gets $60M in funding to transform behavioral healthcare with AI agents Eleos Health Inc. said today it has closed on $60 million in a Series C round of funding, and will use the money to continue its mission of trying to transform the way behavioral healthcare is delivered by empowering clinicians with artificial intelligence assistants. Today's round was led by Greenfield Partners and saw participation from existing backers such as F-Prime Capital, Eight Roads, Menlo Ventures and ION, as well as new ones such as the Michael & Susan Dell Foundation, Union Tech Ventures and Centerstone. It brings Eleos' total amount raised to date to more than $120 million. Eleos claims it's the most widely-deployed behavioral health software platform in the industry, offering AI-powered agents that strive to liberate healthcare providers from the burden of administrative work. By easing the load on healthcare practitioners, they'll have more time to focus on their patients, the company believes. Its software is uniquely able to follow behavioral health conversations between clinicians and their patients and transform what's said into detailed clinical notes, cutting documentation times by up to 70% on average. This means healthcare providers can spend less time on admin work and dedicate more of it towards more meaningful work with their patients. However, the benefits go much further than that, as its AI agents can also analyze the notes they take to provide detailed clinical insights on each patient, including recommendations based on one of the industry's largest datasets of real-world treatment sessions. Along with today's funding announcement, the company is also expanding its platform with a powerful new clinical documentation improvement product called Eleos Compliance, which was developed with guidance from legal and regulatory experts from the National Council for Mental Wellbeing. With this, behavioral health providers will be able to instantly review every submitted note and flag any documentation errors that could later trigger costly fines or payment clawbacks. Greenfield Partners' managing partner Shay Grinfield said Eleos' software can alleviate an overwhelming administrative burden on healthcare providers. "Its innovative use of AI is reshaping the way behavioral healthcare is provided," he added. Hea Eleos cites a recent randomized controlled trial, which found that the combination of its AI-powered documentation tools and its new compliance offering were able to increase progress note submission times by more than 80%. Simultaneously, they also doubled client engagement and improved care outcomes by a factor of three-to-four times, compared to standard treatment. That likely explains why Eleos was able to triple its revenue in the first three years since launching its business, before doubling it in 2024. It now serves more than 120 customers across 30 U.S. states, making it the most widely-deployed platform in the behavioral healthcare industry, it says. Eleos co-founder and Chief Executive Alon Joffe said his company's tools are all about empowering clinicians by expanding their capacity to do more with their patients. "Our new compliance product is the next step in our mission to free up clinicians' time and energy to focus on care rather than administrative bottlenecks," he said. "We're doubling down on the development of intelligent AI systems that drive efficiency and help providers capture the revenue they need to thrive and reach more people in need." Eleos said the money from today's round will be used to add more senior leaders and data and engineering staff to its teams, while pushing into underserved segments of behavioral healthcare, such as substance use disorder treatment centers.

Eleos Raises $60M Series C to Transform Behavioral Health with AI Agents

Led by Greenfield Partners, this investment will accelerate new product offerings, hiring and expansion into more behavioral health settings and markets. BOSTON & TEL AVIV, Israel-(BUSINESS WIRE)-January 22, 2025- Eleos, the leader in AI for behavioral health, today announced a $60M Series C funding round led by Greenfield Partners, with participation from existing investors such as F-Prime Capital, Eight Roads, Menlo Ventures and ION - and new ones, including the Michael & Susan Dell Foundation, Union Tech Ventures and Centerstone. This round brings Eleos' total funding to over $120M. Coming on the heels of its recent Series B, this preemptive round reflects Eleos' rapid ascent as the most widely deployed enterprise-grade behavioral health AI solution on the market. By going deep into a particular care domain, Eleos has enabled AI Agents to transform care and liberate providers from administrative burdens. The company will use the fresh capital to expand its offerings, grow its commercial team and push into underserved segments of behavioral healthcare - particularly substance use disorder (SUD) treatment centers. Post-acute behavioral healthcare, an $11B market historically underfunded by health tech, is a core focus of Eleos' growth strategy. The Series C announcement coincides with the company's launch of a powerful new clinical documentation improvement (CDI) product, Eleos Compliance. Developed with guidance from legal and regulatory experts retained by the National Council for Mental Wellbeing, Eleos Compliance gives behavioral health organizations near-instant review of every submitted progress note. Leveraging agentic AI - the next generation of AI that proactively surfaces insights - Eleos Compliance flags potential documentation errors before they can trigger costly fines or payment clawbacks. This proactive approach simplifies the appeals process and supports ongoing accreditation efforts. "From day one, Eleos has been committed to empowering clinicians - not replacing them - and expanding their capacity," said Alon Joffe, Co-Founder and CEO of Eleos. "By building on our agents for clinical documentation and patient engagement, our new Compliance product is the next step in our mission to free up clinicians' time and energy to focus on care rather than administrative bottlenecks. With this round of funding, we're doubling down on the development of intelligent AI systems that drive efficiency and help providers capture the revenue they need to thrive and reach more people in need." Eleos tripled its annual revenue over each of its first three years in business, doubling its revenue in 2024. With more than 120 customer organizations in over 30 states across the U.S., Eleos is the most-deployed AI platform in behavioral health today. The investment from Greenfield will fuel expansion of Eleos' product offerings and market penetration. Eleos also plans to add more senior leaders and more data and engineering talent on the back of this latest funding round. "We're proud to back the phenomenal team at Eleos as they revolutionize the behavioral health space - a market of immense importance and scale which is facing severe challenges," said Shay Grinfeld, Managing Partner at Greenfield Partners. "Their transformative product alleviates the overwhelming administrative burden faced by providers, empowering them to focus on delivering exceptional care. Eleos' innovative use of AI is reshaping the way behavioral healthcare is provided, and we are excited to be part of their journey." Eleos uses the largest dataset of real-world treatment sessions to power proprietary behavioral health AI technology and is the first behavioral healthcare company to leverage multimodal large language models (MM-LLMs) to process multiple data input types simultaneously. A recent randomized controlled trial (RCT) found Eleos improved progress note submission times by more than 80% while doubling client engagement and improving care outcomes by a factor of 3-4x when compared to treatment as usual (TAU). "Eleos has been exceptional in supporting our team since day one," said Prasad Kodali, Chief Information Officer at Centerstone, a multistate nonprofit health system specializing in mental health and substance use disorder treatments. "They're in a league of their own compared to other tech vendors I've encountered. Their focus goes beyond just providing a great product - they're deeply committed to making sure the users of their platform are happy. It's clear that they've built their solution with the end user's needs at the forefront, and their care for the experience they deliver is extraordinary." On February 19, 2025, Eleos will host a webinar presenting a detailed overview of Eleos Compliance as well as other product enhancements. Learn more and sign up here to register: New Year, New AI Advancements with Eleos Documentation and Compliance. To learn more about Eleos and current career opportunities, visit eleos.health. About Eleos At Eleos, we believe the path to better behavioral healthcare is paved with provider-focused technology. Our purpose-built AI platform streamlines documentation, simplifies compliance and surfaces deep care insights to drive better client outcomes. Created using the industry's largest database of real-world behavioral health sessions and fine-tuned by our in-house clinical experts, our AI tools are scientifically proven to reduce documentation time by more than 70%, boost client engagement by 2x and improve symptom reduction by 3-4x. With Eleos, behavioral health providers are free to focus less on administrative tasks and more on what got them into this field in the first place: caring for their clients. About Greenfield Partners Greenfield invests in disruptive technology and tech-enabled businesses globally at the Early Growth stage and then applies its Greenfield Growth Momentum (G2M) playbooks to implement best-in-class go-to-market practices that accelerate the path to global scale. Having spun out of TPG Growth in 2020, today Greenfield independently manages over $1 billion across its portfolio. View source version on businesswire.com: https://www.businesswire.com/news/home/20250122573635/en/