Cambridge spinout Psyomics raises £2.4m for mental health platform

Cambridge University health tech spinout Psyomics has closed £2.4m 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 evaluation by asking users a series of questions to create a picture of a person’s mental health.

It then provides a report that outlines possible conditions and recommends next steps.

Telehealth apps saw a spike in usage during the Covid-19 pandemic, when many in-person medical appointments were cancelled.

Psyomics aims to take advantage of this growing adoption and sees 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, piloting it with GP practices last year.

Since then it has opened up Censeo to people and started projects within NHS treatment providers.

The investment was led by Parkwalk, the most active investor in college spin-outs. Additional backing came from Meltwind, Newable Ventures and other investors.

Its previous funding round came in October 2020 when raised £1.5 million. The latest capital increase brings Psyomics’ total funding to just under £5m.

“We are excited to grow our team, expand further into 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,” Stephanie said. Martlew, CEO of Psyomics.

Investors have been increasingly backing mental health platforms, with personalized workplace mental health startup Oliva raising £4.84 million in a seed funding round earlier this year.