Neurological-focused device start-up Mindstrong Health said today it raised $15 million in a Series B round of financing to support its neuropsychiatric treatment and diagnosis platform.
Funds from the round will be used to help scale Mindstrong’s business and advance commercial deployments with its partners across a number of healthcare verticals, the Palo Alto, Calif.-based company said.
“Mindstrong continues to show great progress in deploying solutions that improve behavioral healthcare by enabling providers to detect deterioration and deliver effective care early. We expect this to improve access and quality for patients, and reduce expenditures related to healthcare utilization,” Optum CEO & UnitedHealth Group vice chair Larry Renfro said in a press release.
Mindstrong’s AI-powered platform is designed to monitor patterns of interaction on smartphone devices to objective measures of brain function. The platform aims to provide “continuous digital biomarkers of mood and cognition,” which it said includes processing speed, attention, memory and executive function.
The company said earlier this year that it inked a partnership deal with Takeda (TYO:4502) through which Takeda will use Mindstrong’s tech to identify digital biomarkers for skizophrenia and treatment-resistant depression. The company also said it inked a partnership deal with Blackthorn Therapeutics.
“We appreciate the continued support of our early investors and we welcome Bezos Expeditions and Decheng Capital in our journey to transform brain healthcare. As the first company to develop comprehensive care pathways based on our passively-collected, continuous and objective measures of cognitive function and mood, we are committed to improving behavioral healthcare with delivery models that move care from episodic clinic visits to preemptive outreach care that is technology enabled,” Mindstrong Health founder & CEO Paul Dagum said in a prepared statement.
Last June, Mindstrong Health said it raised $14 million in a Series A round of financing.