Mindstrong Secures $100 Million in Funding
Mindstrong Series C round included additional funding from new and existing investors, according to Business Wire. General Catalyst, ARCH Venture Partners, Foresite Capital, 8VC, Optum Ventures, and What If Ventures all participated in the fundraising round.
Mindstrong is a healthcare company that wants to transform mental health by innovating virtual care models and digital measurement. The company is developing a virtual technology for individuals living with a serious mental illness. The technology would monitor patients and detect changes in symptoms. Furthermore, the company is rolling out an app that will allow clinical services to be administered at no cost to members, due to Mindstrong's partnerships with national private and public insurance payers.
“People living with a serious mental illness will tell you that managing their symptoms isn’t one of those things that fit neatly into business hours or can be deferred because of COVID-19,” said Daniel Graf, CEO of Mindstrong. “The combination of our technology and our in-house clinical team puts us in a position to unlock a unique solution that increases access to care and improves health outcomes.”
The app also allows users to record their own mental health symptoms, utilizing AI-powered digital biomarker technology. The app can alert healthcare professionals when a user's mental health starts to decline. Healthcare professionals have access to in-app messaging, video, and phone conversations to communicate with users.
“Mindstrong has clinically demonstrated that it can deliver health assurance to people who suffer from serious mental illness in a cost-effective manner,” said Hemant Taneja, managing director at General Catalyst. “I am excited to see Daniel and team scale the Mindstrong service with this capital to make a meaningful difference for this significant yet underserved population in our society.”
“1 in 5 adults experience mental illness, 1 in 25 experience serious mental illness, and the pandemic is making these numbers worse. Meanwhile, more than 60% of US counties don’t have a single practicing psychiatrist. Mindstrong’s approach is an idea whose time has come - its telemedicine and biomarker technology can help millions of people in need, while preventing expensive episodes and saving our health systems tens of billions of dollars,” said Joe Lonsdale of 8VC.
Mindstrong could be the future of mental health treatment and $100 million in additional capital is now backing it up.