Psyomics, a healthtech and University of Cambridge spin-out, has closed a £1.5 million funding round from existing and new investors to bring its Censeo mental health assessment and diagnosis platform to market in the UK.
University spinout specialists Parkwalk led the round, joined by fellow existing investors Jonathan Milner, Martlet Capital, and Cambridge Enterprise.
Censeo mirrors the process of a face-to-face psychiatric assessment, guiding a user through a series of adaptive questions. Smart algorithms perform a detailed and bespoke analysis, creating a ‘map’ of an individual’s mental health, providing diagnosis where appropriate and enabling a clear treatment pathway. Censeo says it supports GPs and clinicians in getting patients to the right level of support at the outset and provides patients with a stigma-free way to start addressing their mental health concerns.
Professor Sabine Bahn, Psyomics’ co-founder and chief medical officer, said: “Diagnosing mental health issues correctly in primary care can be difficult, due to time constraints and the fact that mental health conditions can be masked by physical symptoms. Delays in diagnosing – or misdiagnosis – mean that it can take several years for an individual with depression to be correctly diagnosed. For bipolar disorder the average delay is six to eight years. The consequence of this is that many people suffer unnecessarily from debilitating symptoms that could be successfully treated. It is clear that faster and earlier diagnosis followed by the most appropriate treatment will improve the quality of life of affected individuals, while at the same time relieving pressure on the healthcare system.”
Psyomics’ co-founder and chief executive Dan Cowell added: “This funding will enable Psyomics to support the UK’s plans to improve mental health provisions for the nation. Through giving patients, clinicians, and caregivers an earlier and clearer understanding of individual mental health needs, we believe we can make significant improvements in patient experience and clinical capacity, with positive impacts throughout the entire healthcare system. Our investors share our belief in the opportunity to make a genuine impact with Censeo.”
Martin Glen, investment director at Parkwalk, said: “Covid-19 has accelerated adoption of digital tools for a wide range of applications, and Psyomics’ clinical and tech-led diagnostic tool can transform mental health diagnosis. We have always felt that what sets Psyomics apart is its deep clinical roots/knowledge. We are pleased to be a part of this next funding round and look forward to seeing Psyomics continue to grow with its market-ready product”.
Tom Hall, senior investment manager at Martlet Capital, said: “We’re pleased to again be supporting Psyomics as the company now commercialises Censeo, its mental health diagnostics solution, at a time when mental health and wellbeing is one of society’s most prevalent themes and pressing matters. Censeo’s digital triage and assessment tools enable earlier, accurate and actionable diagnosis of mental health disorders and personalised pathways to the right support. Bringing this product to market can bring real benefit to both clinicians and patients through shorter time to diagnosis and better outcomes.”
Date published: October 28, 2020