Soma Analytics Awarded €1.8M EU Funding
Soma Analytics, one of London’s leading digital health startups, has been awarded €1.8m EU funding to undertake the first large scale randomised controlled trial using a smartphone application to reduce stress and improve productivity at work.
Horizon 2020 is the largest EU fund supporting research and innovation in Europe and featured in the recent referendum debate because of its importance to UK science funding and collaboration. Of the 37 ICT in Health proposals submitted, Soma Analytics is one of just three digital health start-ups to have received funding from the EU.
Its primary product, Kelaa Mental Resilience, is a smartphone application that can reduce the number of employees at high risk of mental-ill heath by 70% within 28 days. This is achieved by improving employee mental resilience and wellbeing.
Kelaa uses artificial intelligence to measure and improve stress. Its patented algorithms detect ‘biomarkers’ for stress in the user’s voice as well as monitoring movement and sleep patterns. Personalised recommendations and interventions are provided to help users achieve goals such as sleeping better, reducing stress levels or working more productively. There is no need for a wearable which makes it easier and less expensive for employers to offer Kelaa to employees.
The cost to employers of mental health problems is estimated at £26bn per year. This makes the issues of employee absenteeism, presenteeism and turnover a top priority for HR departments. In addition, 1 in 6 employees are experiencing mental health conditions such as stress, anxiety and depression at any one time.
Johann Huber, CEO of Soma Analytics, says that “Interest in Kelaa has been huge. A number of organisations are already using Kelaa within their corporate wellbeing programmes and we are also in talks with health insurance companies.”
The clinical and commercial value of Kelaa has already been proven, delivering a:
- 14% reduction in perceived stress
- 13% improvement of sleep quality
- 11% overall well-being improvement
- €400,000 estimated savings per year for 2000 employees.
About Soma Analytics
Soma Analytics is one of Europe’s most awarded young companies in the digital health and wellbeing space. From its offices in London, Munich and San Francisco, it serves clients worldwide with patent pending smartphone applications and analytics. Soma combines advanced techniques in psychology and computer science into a product that measurably improves staff wellbeing and advances HR strategy to create the future of work.
Soma has assembled an advisory board made up of leading UK and European experts in the fields of mental health, sleep and psychology.