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Mindstrong's in house team of therapists, psychiatrists, and care coordinators use their technology platform to deliver flexible, efficient, and seamless virtual care to members through a smartphone app
FREMONT, CA: Healthcare company transforming mental health, Mindstrong, raised USD 100 million in a Series C financing round with participation from both new and existing investors. The investors included General Catalyst, ARCH Venture Partners, Foresite Capital, 8VC, Optum Ventures, and What If Ventures. The company is dedicated to transforming mental health through innovations in virtual care models and digital measurement.
"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." Mindstrong is unlocking an entirely new virtual care model to deliver healthcare to people living with a serious mental illness (SMI).
The company is also developing technology for remote patient monitoring and mental health symptom measurement. Mindstrong's in house team of therapists, psychiatrists, and care coordinators use their technology platform to deliver flexible, efficient, and seamless virtual care to members through a smartphone app. The company provides clinical services by its full-time clinicians on an unlimited basis and at no cost to members. This is thanks to Mindstrong's value-based partnerships with national private and public insurance payers.
"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." Along with Mindstrong's virtual care model, the member-facing smartphone app allows members to monitor their mental health symptoms through AI-powered digital biomarker technology that can track changes in mental health symptoms.
"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.
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