June 15, 2024

AI Mental Health Startup Raises $2.7 Million

  • London-based Thymia has raised $2.7 million from Kodori Ventures.
  • The startup deploys AI to monitor patients’ mental health symptoms, for depression and anxiety.
  • Check out the 9-slide deck it used to secure the fresh funding.

A startup that uses AI to detect, assess, and track symptoms of mental illnesses — such as depression and anxiety disorder — has secured $2.7 million.

London-based Thymia launched in 2020 after cofounder and CEO Dr Emilia Molimpakis saw her best friend struggling with depression while at university. Given the “subjective” nature of mental health diagnoses, doctors hadn’t realized the severity of her friend’s condition, Molimpakis said.

In a bid to make “mental health as objectively measurable as physical health,” Thymia has developed an AI-powered platform that combines neuropsychology, linguistics, and machine learning to assess signs of mental illness in patients — and evaluate how their symptoms are progressing. 

Thymia’s proprietary AI model takes into account three datasets; people’s voice, such as their intonation and how they speak; video, which looks at everything from microexpressions to upper body movements; and behaviors, such as people’s reaction times and error rates when playing a game. 

“These three streams go into AI models. We produce two types of outputs; whether people may have depression and anxiety, and also we look at symptoms and look at how they’re experiencing depression,” said Molimpakis.

The dataset has been trained on information collected from over 6,000 participants, and Molimpakis claims that it’s the world’s largest dataset of its kind for depression. 

The assessment for anxiety or depression takes around 10 minutes and requires patients to complete a set of tasks that gather data across these three categories, to detect the onset of symptoms. This is then sent to the clinician, who evaluates the severity of the condition, so it can be monitored. 

The startup has also started to provide its tools to the wellness market, by developing a shorter, 30-second test that people can use to gauge their mental wellbeing.

While Thymia started off by offering an all-inclusive SaaS tool with all its features to clinicians, the team found that psychologists and doctors were more keen to use modules, in the form of specific APIs and gamified widgets, as opposed to the entire platform. The startup now offers a flat platform access fee and then charges for a certain number of APIs and widgets. 

Molimpakis noted the stark difference in the funding environment since Thymia’s pre-seed fundraise in 2021. “UK and European VCs have become so much more conservative, and they’re relying really heavily on these classic metrics,” she said. 

The round was led by Kodori Ventures, with additional backing from Entrepreneur First, Syndicate Room’s Access, Calm/Storm, and Form Ventures; angels that participated in the round include Amanda M Cardinale and Nadav Rosenberg. Additionally, the startup is also crowdfunding via Crowdcube.

With the cash injection, it will focus on getting a Class 1 medical device certification in the UK; it will also use the funds to file several patents and grow its AI and ML team. 

Check out the 9-slide pitch deck used here:

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