Mindstrong Health, a startup health business focused on neurological health raised a total of 14 million dollars in a series-A round of financing. The funding was meant to support and help launch a neuropsychiatric treatment and diagnosis platform that the company hopes will assist in the treatment of mental health disorders. Foresite Capital was among the key companies that gave the funding to Mindstrong Health.
The platform, which is powered by AI, will be used to monitor the patient’s patterns of interaction with their smartphones such as their typing and scrolling patterns. This information will then be relayed to their platform and will be used to measure the brain functions. The company said that the platform is designed to provide them with cognition and mood biomarkers such as memory, processing speed, and attention and executive function.
Dr. Tom Insel, Mindstrong Health co-founder, and president said that since mental health is a global problem, a comprehensive solution is needed. He said that smartphones are used globally by millions of people and that their platform, which is designed to work on smartphones, is the long awaited solution. Jim Tananbaum said that the Mindstrong health team had brought incomparable knowledge on the challenges faced by health teams when it comes to caring for patients with cognitive health disorders. He added that due to the exceptional leadership skill that Mindstrong Health has portrayed, patients suffering from mental disorder would benefit greatly from the change that the platform is going to bring. Check out Ideamensch to know more.
Jim Tananbaum is the founder and CEO of Foresite Capital, which is a venture capital firm that operates in the health sector. Jim has more than 20 years of experience in the health sector business. Currently, he has investments in more than twenty companies dealing with healthcare, all which are very successful. In 2017, he was among the top 100 best venture investors in the Forbes Midas list. This is his third consecutive year to appear in the list. His current assets are estimated to be worth over a billion dollars. Check out Forsite Capital’s Facebook page for more info.
Before graduating from Harvard medical school, with an M.D., he founded GelTex Pharmaceuticals, which he sold to Genzyme for $1.6 billion. He has also been the founder and CEO of Theravance, Inc. Additionally, Jim Tananbaum has been a co-founder in other major companies such as Sierra Ventures and Prospect Venture Partners II and III. Jim holds an M.B.A from Harvard Business School, and a B.S. and B.S.E.E. from Yale University.