Mid last month, Mindstrong raised $14.5million to finance its effort to improve on the neuropsychiatric therapy. The startup aims to take advantage of the new technology and particularly use of Smartphone to solve various mental disorder issues. This series A funding involved reputable investors like ARCH Venture Partners and Foresite capital.
According to Mindstrong creator and CEO, Paul Dagum, objective approach is used in almost all other areas in the field of medicine, and it has proved to be of great use. Dagun feels that the current approach whereby the mental issues are assessed on the basis of clinical findings and the number of reported mental health cases is less effective than the objective approach the platform intends to achieve.
This startup, which was established back in 2014 can give a hint about the progress of the patient’s mind by examining how they use their Smartphone. The tech can analyze the words that the person used during a phone call, the time when the person calls, and translate these interactions to understand the functioning of the patient’s mind objectively.
Another good thing about this technology is that it collects information incessantly and passively. The co founder of Mindsrong, Dr. Tom Insel, noted that this is an achievement because it will allow a doctor to monitor the patients suffering from neurodegenerative or neuropsychological conditions without disturbing them. Therefore, the tech can be used to detect these disorders during their early stages and treat. Additionally, this technology makes treatment less costly.
During the release of this technology, Jim Tananbaum said that the team is bringing an in-depth understanding of the issues to do with the cognitive disorders. Jim formed Forsite Capital in 2011. This private firm was aimed to identify emerging leaders in the healthcare sector and then empowering them through giving them information and also supplying them with capital to enhance their growth.
Jim Tananbaum, who majored in computer science/ math and electrical at Yale, see Bloomberg.com, has always been enthusiastic about integrating computer science and health science.This ambition is the driving force that motivates him in his activities. His contributions in the ever-changing health sector are remarkable.