AI-Powered Healthcare Startup, IESO, Raises $53 Million In Series B
UK-based healthcare startup, IESO, has raised $53 million in a Series B funding round, led by Morningside.
IESO is a digital therapy company that provides real-time personalized therapy sessions with the help of AI. The company has raised $53 million in a Series B funding round. The funds will be used to move the direction of the company towards intuitive autonomous text therapy.
The latest funding round was led by Morningside, however, Sony Innovation Fund also participated in the round. Moreover, the existing investors of the company, IP Group, Molten Ventures, and Ananda Impact Ventures also joined.
Ieso is not a new startup but it has been providing text-based online therapy services for the last ten years through UK’s National Health Service. In this system, a therapist sits on one side of the computer and patients can get therapy from them easily. The aim of Ieso is to bridge the gap between therapists and patients.
Till now, the company has given online text-based therapy to more than 80,000 patients. This makes around 460,000 hours of online therapy which is a huge number.
With a huge collection of therapy data, the healthcare startup is training its artificially intelligent models to move from a human-based therapy system to a scaled-up autonomous system. There is no doubt that there exist a number of other companies in the market that provide the same online therapy services. But, the amount of data ieso has is something that makes it stand out. Because it is 10 years old company with myriads of text-based conversations between patients and therapists.
This is one of the prime reasons that the company has got a good investment.
“Ieso has built one of the most impressive data assets I have seen in the space with their text therapy data set,” said Stephen Bruso, an investment partner at Morningside.
Additionally, the CEO of Ieso digital health said “So essentially, we’ve been studying what the very best therapists are doing at a very high scale, and then reconstructing that, so it can reach people that are unable to access human psychotherapy delivery, which is a huge problem all over the world.”
The applications of AI in healthcare are becoming as evident as possible. There is no doubt that automation is providing the general public the opportunity to get not only healthcare but also education and research services from the ease of their homes.