Onos Health Raises $17 Million Series A to Accelerate Adoption of its Behavioral Health AI Platform for Health Plans

Onos Health, turning behavioral health noise into clarity and action, led by Akshay Agrawal, Josh Levitan, Suhaas Prasad, and the team, has raised a $17 million Series A financing round led by Costanoa, with participation from Flare Capital Partners and strategic investment from CVS Health Ventures. 

The financing follows strong commercial momentum, with leading U.S. health plans such as Aetna using Onos’ AI platform to improve behavioral health outcomes while reducing overall healthcare costs.

Behavioral health is a growing challenge for the U.S. healthcare system, with more than 23% of adults experiencing a mental health condition each year and direct medical costs exceeding $140 billion annually. Yet many health plans lack the data infrastructure and clinical visibility needed to manage care quality effectively, leading to reactive oversight, delays in care, and poorer member experiences.

Onos Health co-founder and CEO Akshay Agarwal said behavioral health quality is difficult to manage because critical information is buried in unstructured clinical records that legacy systems cannot effectively process. Onos uses proprietary AI to make clinical quality and care pathways measurable at scale, giving health plans deeper population-level visibility while enabling proactive provider engagement, reducing administrative work, and improving outcomes.

Onos Health built a large behavioral health care quality database to train its AI platform, working with leading health plans and medical experts to develop proprietary models capable of handling the complexity of behavioral health diagnoses and services.

The platform is now deployed across national and regional health plans, delivering:

• 35% improvement in adherence to clinical standards

• 75% improvement in clinical review efficiency, reducing delays in care

• More than 6% reduction in behavioral health program costs within 12 months through improved clinical quality

CVS Health Ventures Vice President and General Partner Alyssa Reisner said behavioral health populations require focused coordination with providers to improve outcomes and affordability. Onos Health surfaces actionable insights from complex clinical data, helping health plans better understand treatment patterns and care quality while supporting more informed decisions and collaboration with providers.

Onos’ AI platform combines claims, utilization data, clinical documentation, and quality guidelines to provide health plans with a clearer view of care pathways across populations. By analyzing both structured and unstructured data, it identifies care patterns, treatment gaps, and opportunities to improve quality.

More than 70% of behavioral health quality signals are embedded in unstructured clinical documentation. Onos converts this information into actionable clinical intelligence, enabling health plans to work proactively with providers and guide members toward higher-quality, more cost-effective care.

Costanoa Partner Amy Cheetham said behavioral health remains one of the largest and least understood areas of healthcare, with billions in spending and significant variation in care costs that does not necessarily correspond to care quality. Onos Health is addressing these gaps by building foundational infrastructure that helps health plans better understand and manage behavioral healthcare.

Flare Capital Partners Partner Margaret Malone said Onos is helping health plans shift from reactive oversight to value-driven behavioral healthcare by providing actionable clinical intelligence. The company’s AI platform is improving both clinical quality and affordability, positioning Onos to build a new category in behavioral health infrastructure.

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