How Much Did Eleos Health Raise? Funding & Key Investors

Eleos Health has successfully raised $60 million through a Series C funding round, with Greenfield Partners as the lead investor. The platform leverages AI to automate clinical documentation and compliance checks, significantly reducing administrative burdens for healthcare providers.

Keep reading to explore the intricacies of Eleos Health's fundraising journey and the investors backing this innovative platform.

What Is Eleos Health?

Eleos Health is a mental health startup based in Boston, Massachusetts, specializing in artificial intelligence and healthcare. The company leverages voice analysis and natural language processing (NLP) to enhance treatment outcomes and improve workflow efficiency. With a workforce of 101-250 employees, Eleos Health is dedicated to reducing the administrative burden on behavioral health providers.

Founded to address the needs of the mental health industry, Eleos Health offers AI and automation solutions that streamline clinical documentation and compliance checks. Their technology is EHR-agnostic and supports various care settings, including home health, hospice, and palliative care. The company is committed to innovation, security, and providing exceptional support to its clients.

How Much Funding Has Eleos Health Raised?

1. Pre-Seed Round
   • Amount Raised: USD 2,000,000
   • Date: February 2020
   • Lead Investors: lool ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To develop the initial AI technology and establish the company.
2. Seed Round
   • Amount Raised: USD 6,000,000
   • Date: September 2021
   • Lead Investors: aMoon Fund
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale the technology and expand the team.
3. Series A
   • Amount Raised: USD 20,000,000
   • Date: April 2022
   • Lead Investors: Eight Roads Ventures, F-Prime
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To enhance product offerings and enter new markets.
4. Series B
   • Amount Raised: USD 40,000,000
   • Date: November 2023
   • Lead Investors: Menlo Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To accelerate growth and expand into additional behavioral health settings.
5. Series C
   • Amount Raised: USD 60,000,000
   • Date: January 2025
   • Lead Investors: Greenfield Partners
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand product offerings, grow the commercial team, and target underserved segments like substance use disorder treatment centers.

Total Amount Raised: USD 128,000,000. Current Valuation: Not publicly disclosed.

Key Investors

• Greenfield Partners
  • Details: Greenfield Partners invests in disruptive technology and tech-enabled businesses globally at the Early Growth stage. They spun out of TPG Growth in 2020 and manage over $1 billion across their portfolio.
  • Investment Focus Areas: Disruptive technology, tech-enabled businesses.
  • Notable Investments: Not publicly disclosed.
• F-Prime Capital
  • Details: F-Prime Capital is an existing investor in Eleos Health. They are known for their investments in healthcare and technology sectors.
  • Investment Focus Areas: Healthcare, technology, life sciences.
  • Notable Investments: Moderna, Denali Therapeutics.
• Eight Roads
  • Details: Eight Roads is an existing investor in Eleos Health. They focus on technology and healthcare investments.
  • Investment Focus Areas: Technology, healthcare, consumer sectors.
  • Notable Investments: Alibaba, Appsflyer.
• Menlo Ventures
  • Details: Menlo Ventures is an existing investor in Eleos Health. They have a strong focus on technology and healthcare sectors.
  • Investment Focus Areas: Technology, healthcare, consumer sectors.
  • Notable Investments: Uber, Roku, Warby Parker.
• Michael & Susan Dell Foundation
  • Details: The Michael & Susan Dell Foundation is a new investor in Eleos Health. They focus on social impact investments, particularly in education, health, and family economic stability.
  • Investment Focus Areas: Social impact, education, healthcare.
  • Notable Investments: Not publicly disclosed.

What's Next for Eleos Health?

Eleos Health is poised to capitalize on the burgeoning $11 billion post-acute behavioral healthcare market. With over 120 customer organizations across 30 states, the company is set to expand its product offerings and target underserved segments like substance use disorder treatment centers. The launch of Eleos Compliance, a new clinical documentation improvement product, underscores their commitment to innovation and efficiency.

Future fundraising opportunities seem promising as Eleos continues to grow rapidly, having tripled its annual revenue in its first three years and doubled it in 2024. This momentum could attract further investment to support scaling operations and developing new AI-driven solutions. However, challenges such as navigating regulatory requirements and maintaining the accuracy of AI insights will need to be addressed to sustain this growth trajectory.

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