Mindstrong Health has secured a funding of $14 million in Series-A funding. The funding was sourced from a group of venture firms made up of Foresite Capital, One Mind Brain Health Impact Fund, ARCH Venture Partners, and Optum Ventures. Mindstrong Health is a biotech firm that focuses on the use of smart-phones to diagnose and help in treatment of neuropsychiatric disorders.
Mindstrong founder and chief executive officer, Paul Dagum, was pleased with the success of the funding. He noted that the funding would help the company to increase its efforts towards establishing a reliable system to track and treat mental-related diseases. Mr. Dagum said that he was not satisfied with the use of subjective reports in tracking mental health considering that other branches of medicine were using objective measurements to track and treat diseases. He is confident that the use of objective systems of measurements like the one being developed by his company will boost efforts towards mental health treatment. This is because data from such measurements are reliable and do not depend on the medical professional’s opinion. Visit LinkedIn to know more.
The company’s platform measures a patient’s brain function through his or her scrolling and typing patterns on a smart-phone using special software that was developed by Mindstrong. From such patterns, the system is able to provide information on the patient’s mood, processing speed, memory, and brain function. Speaking during the event, Jim Tananbaum noted that Mindstrong’s strategy facilitates the understanding of mental health patients. Jim is the chief executive officer and Foresite Capital, a venture capital firm that renders its services in the healthcare industry.
About Jim Tananbaum
Jim Tananbaum is an American investor, executive leader, and shrewd entrepreneur. Presently, he works for Foresite Capital as the managing director and executive officer. Jim’s visionary leadership and investment skills have helped in putting the company on a growth trajectory. Over the years, the company’s portfolio has increased to reach over 80 companies in the health sector.
Notably, Jim Tananbaum sits on the boards of Amerigroup, and Amira Pharmaceuticals. Jim Tananbaum is an alumnus of several leading schools. He is an alumnus of Yale University, Harvard Medical School, and Harvard Business School.