Mindstrong Health Announces $15M Series B Round Financing and Business Update
Round includes new investor Bezos Expeditions and Decheng Capital with series A investors Optum Ventures, ARCH Venture Partners and Foresite Capital
B round marks active year of partnerships, growth and development
Palo Alto, CA – June 14, 2018 – Mindstrong Health, a healthcare company dedicated to transforming brain health through measurement science, announced today that it has secured a B round financing of $15 million from a syndicate of leading investors and healthcare innovators.
“We appreciate the continued support of our early investors and we welcome Bezos Expeditions and Decheng Capital in our journey to transform brain healthcare. As the first company to develop comprehensive care pathways based on our passively-collected, continuous and objective measures of cognitive function and mood, we are committed to improving behavioral healthcare with delivery models that move care from episodic clinic visits to preemptive outreach care that is technology enabled,” said Founder and CEO Paul Dagum.
“Mindstrong continues to show great progress in deploying solutions that improve behavioral healthcare by enabling providers to detect deterioration and deliver effective care early. We expect this to improve access and quality for patients, and reduce expenditures related to healthcare utilization,” said Larry Renfro, vice chairman of UnitedHealth Group and CEO of Optum.
The company announced a Series A financing of $14 million in June of 2017. With today’s announcement, Mindstrong Health has raised a total of $29 million. It will use the proceeds to scale the business and advance commercial deployments with its partners across healthcare verticals, building upon progress made since the Series A.
This year, the company announced a partnership with Takeda Pharmaceutical Company Limited to apply Mindstrong’s technology to identify digital biomarkers in schizophrenia and treatment-resistant depression. Mindstrong is also partnered with Blackthorn Therapeutics. Furthermore, the company published a study in NPJ Digital Medicine showing that Mindstrong technology predicted individuals’ performance on gold-standard neurocognitive tests used by clinicians to measure and manage brain health and disorders. It continues to advance clinical and translational research across brain health conditions on a global scale.
Mindstrong was founded by Paul Dagum, MD, PhD, Tom Insel, MD, and Rick Klausner, MD. Dr. Dagum is a successful entrepreneur, physician, and computer scientist who developed and patented the first-ever digital measures of central nervous system function based on human-computer interaction patterns. Dr. Insel served as Director of the National Institute of Mental Health from 2002 to 2015, and Dr. Klausner was Senior Vice President and Chief Medical Officer of Illumina and Director of the National Cancer Institute from 1995 to 2001.
Mindstrong is partnered with leading organizations committed to advancing medical innovation and improving healthcare delivery for patients, including pharmaceutical companies, large payers and providers, large employers, and state and county governments, in addition to top-tier academic institutions for clinical research. Mindstrong’s solutions include a patient-facing app, a provider-facing product, and clinical services that leverage its telehealth enabled measurement science and engagement platform.
About Mindstrong Health
Mindstrong Health is a healthcare company dedicated to transforming brain health through measurement science. By measuring brain function passively and continuously through individuals’ interactions with smartphones, Mindstrong’s platform helps individuals and health care providers detect brain health deterioration early and deliver preemptive care. With early detection and preemptive intervention, Mindstrong Health reduces unnecessary healthcare utilization and provides better care and outcomes. The company is based in Palo Alto, California, and is backed by ARCH Venture Partners, Berggruen Holdings, Bezos Expeditions, Decheng Capital, Foresite Capital, and One Mind Brain Health Impact Fund. To learn more about Mindstrong Health, visit mindstrong.com