Mindstrong Health announced on patientdaily.com that it had amassed $14 million in a Series A round of funding for supporting its neuropsychiatric treatment and diagnostic platform. ARCH Venture Partners and Foresite Capital led the Series A round. They were later joined by Optum Venture, One Mind Brain Health impact fund, and Berggruen Holdings.
Jim Tananbaum, the acclaimed CEO of Foresite Capital, said that the company’s founding team brought an extensive understanding of the challenges facing the health community care for patients with cognitive health conditions. Furthermore, Dr. Tom Insel, Dr. Paul Dagum, Rick make up the founding team of Mindstrong Health. Jim revealed that a collaboration of the founding team’s collective experience, technical vision, and leadership would help those people who want the benefit from the platform.
The Al-powered platform of Mindstrong Health measures brain functions in an objective form through monitoring patterns of interaction on special smartphone devices. Dr. Tom Insel, the current president of Mindstrong, mentioned that he was glad about the company’s platform, which allowed a person to measure his/her cognitive function by patterns of scrolling on a smartphone. He added that the smartphone provided an ultimate solution to end the global mental disorders.
Dr. Paul Dagum, the renowned CEO of Mindstrong Health, said that the platform was significant because it provided an objective measurement of the cognitive function. He added on drewaltizer.com that the platform would help in diagnosing chronic diseases such as heart disease and diabetes. Mindstrong Health cited that the outcomes from the clinical trial through the platform would be released the following month.
Jim is the founder and current CEO of Foresite Capital, which according to InsiderMonkey.com is worth $1.1 billion in asset under management. He has diverse experience of over 20 years in investment and developing healthcare companies. Before establishing his company, he was the founder and esteemed CEO of Theravance. Jim has led investments like Amerigroup, Jazz Pharmaceutical, and Amira Pharmaceutical.
Jim was a student at Harvard Medical School where he earned his M.D. and an M.B.A from the renowned Harvard Business School. He was also enrolled at Yale University where he got his B.S., and B.S.E.E. Jim has been a respectable member of the advisory boards of Yale Engineering School and Harvard-MIT HST program.