Mindstrong Health, a firm using smartphones to diagnose and treat brain disorders has raised $14 million in Serie-A funding. The amount was raised from several organizations including Foresite Capita, Optum Ventures, ARCH Venture Partners, Berggruen Holdings, and One Mind Brain Health Impact Fund.
According to the founder and CEO of Mindstrong Health, Paul Dagum, this technology holds a great potential of revolutionizing mental health treatment procedures. Dagum stated that the mental health sector had been left behind as diagnosis and treatment in other health related fields are objective and not subjective like for the case of mental disorders. He further stated that the only way to improve mental health treatment and diagnosis could be through the introduction of objective measures similar to other diseases like heart diseases and diabetes.
On his side, Foresite Capital CEO and managing director, Jim Tananbaum praised Mindstrong Health for developing this cutting-edge technology, which represents a breakthrough for patients with cognitive health disorders.
What You Need to Know about Mindstrong’s Platform
Mindstrong Health platform helps in monitoring interaction on smartphones to support neuropsychiatric treatment. The platform utilizes patients’ patterns of typing and scrolling on a Smartphone to gauge brain functioning. Through typing and scrolling, information about mood, processing speed, function and memory among other cognition biomarkers can be obtained. Visit Medium to know more.
Jim Tananbaum in Brief
Jim Tanabaum is the founder and CEO of Foresite Capital Management. Over his career, Jim has successfully led over 21 healthcare firms including Amerigroup, Jazz Pharmaceuticals, and Amira Pharmaceuticals. Over the years, Tanabaum has accumulated a wealth of knowledge and skills in start-ups, venture capital, and biotechnology. Recently, Jim was named by Forbes in the 2017 Midas List of top 100 venture capital investors. Under his leadership, Foresite Capital Management has established the best practices of investing in healthcare.
To achieve such a spectacular milestone, one should have a rich educational background, and Dr. Tanabaum is no exceptional. Jim holds a bachelor’s degree in math and computer science from Yale University. He later earned a master’s degree in information theory from Massachusetts Institute of Technology. Jim then joined Harvard University where he received a doctor of medicine degree and later an MBA from the same university.