Eleos, a leader in AI for behavioral health, announced a $60 million Series C funding round led by Greenfield Partners, with participation from existing investors such as F-Prime Capital, Eight Roads, Menlo Ventures, and ION — and new ones, including the Michael & Susan Dell Foundation, Union Tech Ventures, and Centerstone. This round brings Eleos’ total funding to over $120 million.
This preemptive funding round reflects Eleos’ rapid ascent as the market’s most widely deployed enterprise-grade behavioral health AI solution. And by going deep into a particular care domain, Eleos has enabled AI Agents to transform care and liberate providers from administrative burdens.
The company will use the new funding round to expand its offerings, grow its commercial team, and push into underserved behavioral healthcare segments, especially substance use disorder (SUD) treatment centers. Following post-acute behavioral healthcare, an $11 billion market historically underfunded by health tech, is a core focus of Eleos’ growth strategy.
The Series C funding round coincides with the company’s launch of a robust new clinical documentation improvement (CDI) product, Eleos Compliance. Developed with guidance from legal and regulatory experts that the National Council for Mental Wellbeing retained, Eleos Compliance gives behavioral health organizations a near-instant review of every submitted progress note. Utilizing agentic AI — the next generation of AI that proactively surfaces insights — Eleos Compliance flags potential documentation errors before they can trigger costly fines or payment clawbacks. This approach simplifies the appeals process and supports ongoing accreditation efforts.
Eleos has tripled its annual revenue over its first three years in business, doubling its revenue in 2024. With over 120 customer organizations in over 30 states across the U.S., Eleos is the most deployed AI platform in behavioral health today. The funding from Greenfield will fuel the expansion of Eleos’ product offerings and market penetration. Eleos also plans on adding more senior leaders and more data and engineering talent on the back of this latest funding round.
Eleos utilizes the largest dataset of real-world treatment sessions to power proprietary behavioral health AI technology and is the first behavioral healthcare company to leverage multimodal large language models (MM-LLMs) to simultaneously process multiple data input types. And a recent randomized controlled trial (RCT) found Eleos improved progress note submission times by more than 80% while doubling client engagement and improving care outcomes by a factor of 3-4x when compared to treatment as usual (TAU).
KEY QUOTES:
“From day one, Eleos has been committed to empowering clinicians — not replacing them — and expanding their capacity. By building on our agents for clinical documentation and patient engagement, our new Compliance product is the next step in our mission to free up clinicians’ time and energy to focus on care rather than administrative bottlenecks. With this round of funding, we’re doubling down on the development of intelligent AI systems that drive efficiency and help providers capture the revenue they need to thrive and reach more people in need.”
– Alon Joffe, Co-Founder and CEO of Eleos
“We’re proud to back the phenomenal team at Eleos as they revolutionize the behavioral health space — a market of immense importance and scale which is facing severe challenges. Their transformative product alleviates the overwhelming administrative burden faced by providers, empowering them to focus on delivering exceptional care. Eleos’ innovative use of AI is reshaping the way behavioral healthcare is provided, and we are excited to be part of their journey.”
– Shay Grinfeld, Managing Partner at Greenfield Partners
“Eleos has been exceptional in supporting our team since day one. They’re in a league of their own compared to other tech vendors I’ve encountered. Their focus goes beyond just providing a great product — they’re deeply committed to making sure the users of their platform are happy. It’s clear that they’ve built their solution with the end user’s needs at the forefront, and their care for the experience they deliver is extraordinary.”
– Prasad Kodali, Chief Information Officer at Centerstone, a multistate nonprofit health system specializing in mental health and substance use disorder treatments
