Psyomics, a UK-based mental health technology company, has secured £4 million in fresh funding. Parkwalk Advisors (which invested in adsilico and Oxford Endovascular) the UK’s most active investor in university spinouts, led the funding round by investing a further £3.5 million.
Funds utilisation
With this new investment, Psyomics plans to develop additional capabilities for children and young people in Censeo, its AI-informed medical device, including triage and assessment plus neurodiversity screening. 75% of mental health conditions start before the age of 18.
Martin Glen, Investment Director at Parkwalk Advisors, said: “Psyomics’ technology can help transform how we approach the assessment of mental health conditions not only in the UK but globally. Psyomics has an exciting pipeline of new technologies and services that will see it pioneer a more efficient approach to mental health diagnosis. It is an exceptional example of the contribution that the UK’s universities are making throughout healthcare, and we are delighted to help Psyomics scale and reach more people.”
What challenges does it resolve?
Mental health services in the UK are under significant strain. 1.4 million people are waiting for mental health treatment at any one time, and 78% of those waiting resorted to emergency services or a crisis line. Developed in collaboration with leading neurotechnology and clinical experts from Cambridge University, Psyomics aims to revolutionise the way we assess, diagnose, triage, and treat mental health.
Spun-out from The University of Cambridge through the Cambridge Centre for Neuropsychiatric Research (CCNR), Psyomics is led by Clinical Psychologist CEO Dr. Melinda Rees. In conjunction with Cambridge University and founder Professor Sabine Bahn, Laboratory Director at the Cambridge Centre for Neuropsychiatric Research Psyomics’ product, Censeo was borne from more than six years of research and development.
Censeo, an AI medical device
The company plans to advance Censeo, its AI-informed medical device. Censeo is transforming how mental health conditions, from serious complex, and enduring to common anxiety disorders, are assessed and triaged. This device is designed to improve the assessment and triage of all adult mental health conditions.
By utilising smart algorithms to perform detailed and personalised analysis, Censeo creates a biopsychosocial ‘profile’ of an individual’s mental health needs. Its in-depth insights allow for a greater understanding of a patient’s personalised needs and treatment pathways, helping achieve the best possible clinical outcome. Its technology is having an immediate impact on service provision with 81% of clinicians reporting that Censeo improved the quality of care and on average reduced time spent on patient triage and assessment by 50% or more.
Our thoughts about Psyomics
This £4 million funding shows the commitment of the company towards improving lifespan mental health in the UK, by focusing on earlier diagnosis and effective intervention for mental health conditions in younger generations. Given that bipolar disorder is commonly misdiagnosed as major depressive disorder, Psyomics also secured the international exclusive license on the world’s first intellectual property for improving the diagnosis of this condition through a biomarker panel.
Dr Melinda Rees, CEO of Psyomics, said: “Mental health services continue to be in a challenged state in the UK and globally, with people waiting far too long for treatment. Censeo cuts waiting lists by reducing the administrative time burden, streamlining assessment processes and freeing up clinical time for healthcare professionals to spend treating patients. With these funds we can advance our platform, crucially developing a service for children, young people and their families and carers, expanding our reach so more people are able to get help sooner. Since Covid there has been an alarming downturn in children’s mental health, with record numbers of families seeking support. It is in everyone’s best interests to get these families the help they so desperately need and deserve.”
