Psyomics has secured an Innovate UK loan to expand regulated mental health technology across the NHS and wider healthcare market.
The UK healthtech company plans to use the debt financing to accelerate the development of its beseen platform into a regulated medical device.
The programme will support the development of three products called Echo, Loop and Compass.
Psyomics said the clinical decision support tools are expected to reduce paperwork, improve consistency in decision-making and help overstretched mental health services work more efficiently.
The company said the tools could support earlier and more accurate intervention as demand grows across adult, children’s and young people’s mental health services.
It projects that the products will release 85,000 hours of healthcare professionals’ time and deliver a 13.2-fold return for the NHS in their first year.
Psyomics said its existing technology already serves more than eight million adults.
The Innovation Loan was awarded by Innovate UK as part of its support for businesses with high growth potential.
The programme is called Scaling mental health care through intelligent clinical decision support tools.
Dr Melinda Rees, chief executive of Psyomics, said: “This collaboration recognises Psyomics’ position at the vanguard of healthtech. Together with Innovate UK, we are not just addressing the current crisis in mental health waiting lists; we are building the resilient, intelligent infrastructure required to lead the sector for decades to come.”
She added: “This loan is a major endorsement of Psyomics’ vision to modernise mental health care through safe, clinically robust digital innovation. It will enable us to place regulated medical devices on the market and bring powerful new capabilities to NHS services that help people access the right support faster.
“Just as importantly, it represents investment in a high-growth UK business creating skilled jobs, strengthening health innovation and contributing to the future productivity of the wider economy.”
The announcement comes as demand for mental health support continues to rise across adult, children’s and young people’s services, while providers face workforce shortages and pressure to digitise legacy systems.
Psyomics said its technology supports national priorities to modernise healthcare, expand community-based support and intervene earlier before people’s needs escalate.
The company said the backing would help it expand across the NHS and wider healthcare market.
