Cambridge spinout Psyomics raises £2.4m for mental health diagnosis platform
University of Cambridge healthtech spinout Psyomics has closed £2.4m in funding to bring its mental health assessment platform to more NHS trusts and individual users.
Psyomics’ smartphone app, called Censeo, aims to replicate face-to-face psychiatric assessment by asking users a series of questions to create a picture of a person’s mental health.
It then provides a report outlining the potential conditions and recommends the next steps to take.
Telehealth applications saw a surge in use during the Covid-19 pandemic, when many in-person medical appointments were cancelled.
Psyomics is aiming to build on this growing adoption and views its platform as an additional level of support for clinicians – not a replacement for in-person treatment.
The Cambridge-based startup initially focused on marketing its app to medical institutions, conducting a pilot scheme with GP practices last year.
It has since opened up Censeo to individuals and has started projects within NHS treatment providers.
The investment was led by Parkwalk, the most active investor in university spinouts. Additional backing came from Meltwind, Newable Ventures, and other investors.
Its previous funding round came in October 2020 when it raised £1.5m. The latest capital boost brings Psyomics’ total funding to just under £5m.
“We’re excited to grow our team, expand further across the NHS and demonstrate with our partners that our technology can make a substantial difference in the accuracy, consistency and efficiency of mental health assessments in a wide range of clinical settings,” said Stephanie Martlew, CEO of Psyomics.
Investors have been increasingly backing mental health platforms, with personalised workplace mental health startup Oliva raising £4.84m in a seed funding round earlier this year.