Mindstrong recently raised $14 million in a Series A funding. The Neurological solutions start-up said that the money would be used to enhance the diagnosis and neuropsychiatric treatment system. This funding initiative was led by Foresite Capital and ARCH Venture Partners. Other investors who participated include Optum Ventures, One Mind Brain Health Impact Fund, and Berggruen Holdings.
The AI-powered platform uses patient’s smartphone user habits such as typing and scrolling patterns to offer a better measurement of brain activity. The platform will provide information about the patient’s mood and the brain’s processing speed, function, and memory. Paul Dagum is the CEO of Mindstong. He spoke during a press briefing and pointed out that tracking of mental health is still based on clinical reports despite the fact that modern medicine is based on accurate measurements. The startup will now offer an improved and objective diagnosis of mental disorders as a result of the new investment. These sentiments were echoed by Dr. Tom Insel who is the president and co-founder of Mindstong Health. Tom further pointed out that the new diagnosis approach will serve as the impetus for developing better mental health care interventions.
According to INC42, Jim Tananbaum is the CEO of Foresite Capital. He said that Mindstrong Health founding members bring unique experience, skills, and technical vision on board. The team understands the shortcoming with regards to caring for patients with mental disorders. A combination of Tom, Rick, and Paul put Mindstong Health in a better position to develop better and modernized ways of providing care.
Jim Tananbaum has a wealth of experience in healthcare investments. He has led more than 21 successful investments in various healthcare companies including Jazz Pharmaceutical, Amerigroup, and Amira Pharmaceutical. Jim held several high-level positions at various venture enterprises that focused on healthcare sector including Sierra Ventures, Theravance, and Prospect Venture Partners before this role. Visit Ideamensch for more info.
Dr. Tananbaum holds a BS and B.S.E.E from Yale University and an M.D from Harvard University. Jim also has an MBA from Harvard Business School and a Masters of Science from Massachusetts Institute of Technology. Jim has served on advisory boards of both Yale University (School of Engineering) and Harvard-MIT HST program.