In Mid June 2017, Mindstrong Health, a start-up focused on neurological device, reported that it had successfully managed to raise $14 million – according to Mass Device. The funds were raised during the company’s Series A round of financing. The contributions will be used to support Mindstrong’s neuropsychiatric treatment as well as its diagnosis platform.
The AL- Powered platform is designed in a manner that allows the monitoring of interaction on Smartphone devices, an approach that provides objective measures of the brain function. The move was motivated by the fact that the treatment of other chronic illnesses such as diabetes and hypertension is usually based on objective measures – an element that is completely missing in the treatment and handling of patients suffering from neurological disorders.
Mindstrong’s platform intends to offer continuous digital biomarkers of cognition and mood that includes components such as attention, memory, executive function, and processing speed. Dr. Tom Insel, the co-founder, and president of Mindstrong pointed out that mental disorders are a global health challenge, and the availability of Smartphone will go a long way in delivering a global solution.
According to a Medium.com article, the Series A round of financing was spearheaded by Foresite Capital Management (headed by the founder and CEO, Jim Tananbaum), ARCH Venture Partners, and was later joined by One Mind Brain Health Impact Fund, Optum Ventures, and Berggruen Holdings.
About Jim Tananbaum
Jim is the founder and the chief executive officer of Foresite Capital Management – a company that specializes in investing in organizations operating in the healthcare industry including genomics, biotechnology, diagnostics, medical devices and healthcare services.
Jim Tananbaum has led the formation and management of more than 21 ventures. He was a co-founder and CEO of GelTex for two years. GelTex was later acquired by Genzyme for $1.6 billion. For four years and two months, Dr. Jim was a partner at Sierra Ventures. He helped to co-found Theravance (THRX), where he served as the CEO for three years between 1997 and 2000. In 2001, Jim co-founded Prospect Venture Partners and worked as the managing director for PVP2 and PVP3 until 2010. From there he founded Foresite Capital Management where he still serves as the CEO. Visit Jim Tananbaum’s website: officialjimtananbaum.com