RCS - IP Group PLC - Portfolio company ieso raises £39m

IPAnnouncement

23/11/2021 18:20

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RNS Number : 3349T  IP Group PLC  23 November 2021

 FOR RELEASE ON  23 November 2021

 

IP Group plc - Portfolio company ieso raises £39 million Series B financing

 

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of
intellectual property-based businesses, is pleased to announce that Ieso
Digital Health Ltd ("ieso" or "the Company"), a UK leader in digital mental
healthcare, announced it has completed a £39m Series B round of
investment to develop clinical software treatments built on the world's
largest mental health treatment data set.

 

The round was led by investment firm Morningside, with further new investment
from Sony Innovation Fund alongside existing shareholders IP Group, Molten
Ventures and Ananda Impact Ventures.

 

Following completion of the fundraise, IP Group has an undiluted beneficial
holding of 32.3% in ieso, valued at £21.8m, representing a net unrealised
fair value gain to the Group of approximately £2m. IP Group committed £6.1m
to the funding round.

 

The funds raised will help ieso address the global mental health crisis by
developing autonomous therapy systems that match the high standards of human
care delivery, at significantly lower cost to health systems. These new tools
could improve the lives of the 500 million people globally who struggle with
their mental and behavioural health every day but cannot access appropriate
personalised care.

 

ieso's AI-enabled digital assessment tools and therapeutics for mental health
conditions will build on the insights developed from the world's largest
outcomes-linked therapy dataset, which surpasses 460,000 hours. The data
encompasses insight into, and treatment of, common mental health conditions
including depression and anxiety and those linked with long term conditions
such as diabetes. ieso intends to seek regulatory approval for its autonomous
digital tools in the US and UK ahead of bringing them to those markets. The
Company will extend its commercial teams to the US and target co-development
and distribution partnerships that can facilitate scalable market access.

 

Dr Sam Williams, Managing Partner of Life Sciences at IP Group plc, said:
"ieso has a unique clinical data-set and has already proven it can use this to
significantly improve outcomes. As a founding shareholder, we are delighted to
continue to support the company in its mission to improve patient care through
the development of digital therapeutics that address the huge unmet need in
mental health."

 

ieso will also continue to make its digital therapy service available to more
than 20 million people in the UK via existing partnerships, including with the
NHS. Working with its network of highly-qualified therapists and wellbeing
practitioners, ieso will develop products that work in a real-world clinical
setting and strive to maintain the continual recovery improvements it has seen
over the past five years.

 

For more information, please contact:

 

 IP Group plc                                             www.ipgroupplc.com (http://www.ipgroupplc.com)
 Liz Vaughan-Adams, Communications                        +44 (0) 20 7444 0062/+44 (0) 7979 853802
 Charlotte Street Partners
 David Gaffney                                            +44 (0) 7854 609998
 Andrew Wilson                                            +44 (0) 7810 636995

 

Notes for editors

 

About IP Group

 

IP Group is a leading intellectual property commercialisation company which
focuses on evolving great ideas, mainly from its partner universities, into
world-changing businesses. The Group has pioneered a unique approach to
developing these ideas and the resulting businesses by providing access to
business building expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and
business support. IP Group has a strong track record of success and its
portfolio comprises holdings in early-stage to mature businesses across life
sciences and technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.

 

Group holdings in portfolio companies reflect the undiluted beneficial equity
interest excluding debt, unless otherwise explicitly stated.

 

For more information, please visit our website at www.ipgroupplc.com
(http://www.ipgroupplc.com/) .

 

About ieso

 

ieso is the UK's leading digital mental healthcare and therapeutics business.
It is addressing the global mental health crisis by developing clinically
evidenced assessment and treatment products that enable everyone with a common
mental health condition to recover.

 

ieso uses technology and data science to better understand, prevent, detect,
and treat mental health conditions. Its core product offers AI-powered,
therapist-delivered, digital cognitive behavioural therapy (CBT). With a
growing network of 600 fully qualified therapists, ieso serves more than 20
million adults through the UK National Health Service (NHS).

 

By analysing over 500 million data points contained in the world's largest
outcome-linked mental health dataset, ieso's AI and data research teams are
decoding the active components of therapy and enabling ground-breaking
approaches for digital therapeutics (DTx). They have already created AI tools
that review therapy sessions to highlight suboptimal treatment and drive
improved patient recovery outcomes.

 

ieso is developing new digital therapeutic products that will support the
transformation needed in mental healthcare. The work spans automated mental
health assessment products and new digital therapeutic solutions, therapy
companion apps, and drug adherence trials. The short-term ambition is to bring
a rolling pipeline of regulatory-approved autonomous digital assessment and
treatment products to the UK and US markets.

 

For more information, visit www.iesogroup.com (http://www.iesogroup.com) and
connect with us on Twitter @IesoHealth (https://twitter.com/IesoHealth) and
LinkedIn
(https://protect-eu.mimecast.com/s/W5zPC4xJkSJr8MDUWICkM?domain=linkedin.com/)
.

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