Psyomics, a leading mental health technology firm, announces a new £4 million investment to enhance Censeo, its AI-driven medical device for mental health assessment and triage. This funding round was led by Parkwalk Advisors, contributing £3.5 million.
Psyomics, a spin-out from the University of Cambridge's Cambridge Centre for Neuropsychiatric Research, launched Censeo commercially in 2023. Censeo is recognized as a Class 1 medical device, utilized by both NHS and private healthcare providers, including the Hertfordshire Partnership Foundation Trust.
Censeo employs advanced algorithms to create detailed biopsychosocial profiles of individuals, providing personalized insights that aid in understanding mental health needs and optimizing treatment pathways. Notably, 81% of clinicians report that Censeo has enhanced care quality and halved the time required for patient assessment and triage.
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.”
UK mental health services face severe strain, with 1.4 million people waiting for treatment. Censeo, developed in collaboration with Cambridge University's experts, offers a precise and consistent assessment of mental health conditions, ensuring patients receive appropriate care promptly.
Martin Glen, Investment Director at Parkwalk Advisors, said: “The demand for mental health services in the UK is on a rapid incline, whilst the availability and access to services is struggling to keep pace. 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.”
In June 2024, Psyomics secured an exclusive international license for a biomarker panel to improve bipolar disorder diagnosis, addressing common misdiagnoses due to overlapping symptoms with major depressive disorder.
To support its expansion, Psyomics has made several strategic appointments, including Dr. Melinda Rees as CEO, Chloe Dowson as Chief Operating Officer, and Rupert Hipwell as Chief Commercial Officer, all bringing extensive experience in the HealthTech sector.
The Psyomics PR team shared this piece with SME Business Review.
