Onos Health, a San Francisco-based behavioral health clinical intelligence platform for payers, has closed a $17 million Series A funding round led by Costanoa. Flare Capital Partners and strategic investor CVS Health Ventures also participated in the financing, which follows a $6.3 million raise completed in October 2025. The new capital is intended to expand the company's artificial intelligence capabilities and deepen adoption among leading United States health plans.
Behavioral Health Costs and Data Challenges
Behavioral health has become one of the fastest-growing cost drivers for United States health plans, with direct medical costs exceeding $140 billion each year. More than 23 percent of American adults experience a mental health condition annually, yet many payers still rely on manual and retrospective chart reviews. Onos argues that these legacy processes create delays in care and limit the visibility health plans have into clinical quality.
Clinical Intelligence at Scale
Onos Health has built an artificial intelligence platform that integrates claims, utilization, and unstructured clinical documentation with established quality guidelines. The system analyzes both structured and unstructured data to identify care patterns, treatment gaps, and opportunities for quality improvement. Co-founder and Chief Executive Officer Akshay Agarwal said the technology makes clinical quality and care pathways measurable at scale, while more than 70 percent of behavioral health care quality signals are embedded in unstructured documentation.
Traction and Early Outcomes
The platform is currently live with Aetna and three of the six largest United States health plans, reflecting strong commercial momentum. Onos reports a 35 percent improvement in clinical standard adherence and a 75 percent improvement in clinical review efficiency among users. The company also cites a reduction of more than 6 percent in behavioral health program costs within twelve months through improved clinical quality.
Investor Perspectives
Costanoa Partner Amy Cheetham said behavioral health is one of the largest and least understood categories in healthcare, representing billions of dollars in spending and enormous variation in care costs. CVS Health Ventures Vice President and General Partner Alyssa Reisner noted that Onos helps surface actionable clinical insights from data that has historically been difficult to interpret. Margaret Malone, Partner at Flare Capital Partners, added that the platform is moving health plans from reactive oversight to value-driven healthcare.
Founder Background and Funding Momentum
Onos Health was founded in 2024 by Akshay Agarwal, Josh Levitan, and Suhaas Prasad and currently operates with 18 employees. Agarwal previously advised health plan executives at Bain & Company and invested in care delivery platforms at Bain Capital before holding operating roles at mPulse and Presence. The Series A brings the company's total funding to roughly $23.3 million in under a year, following an earlier $6.3 million round co-led by Haystack and Pathlight Ventures.
Onos Health's rapid fundraising momentum reflects growing demand for artificial intelligence tools that can bring visibility and accountability to behavioral health care. As the company expands across national and regional health plans, it will need to demonstrate that its clinical intelligence can consistently improve outcomes and control costs at scale. The Series A positions the company to build foundational infrastructure for a category that has long been underserved by traditional payer technology.