Mindstrong Health, a developer of hand-held device software solutions used in the diagnosis of neurological disorders announced in June, 2017 that they had secured $14 million in Series A financing to support their ongoing research, development and business operations.
The Palo Alto, CA-based firm develops a software solution that assesses cognitive functioning in individuals with suspected impairment across several dimensions including memory, processing performance and executive functioning. For more details visit Crunchbase.
By measuring a patient’s taps, scrolling and other interactions with their application that runs on a handheld device, the artificial intelligence algorithms are able to provide clinicians with an objective high-level of resolution into the behavioral and cognitive functioning of the subject that is being evaluated.
One of the challenges faced by medical professionals stems from the subjective means by which psychological maladies are currently evaluated. Mindstrong’s clinical software will change the way that mental health disorders are diagnosed with their software-based tool that can perform a clinical assessment objectively.
The paradigm shift brought to the medical industry by Mindstrong’s application brings the diagnostic techniques used by mental health professionals on par with those of physicians and specialists, such as hematologists and cardiologists who have been using objective tests to assess patients in areas of suspected impairments for decades.
Commenting about their technology, Mindstrong Health president and co-founder Dr. Tom Insel said “What excites me about [our organization’s technology] is the transformation of an individual’s patterns of typing or scrolling on a smart-phone into precise measures of cognitive function.”
Expressing his views about the Mindstrong software, Foresite Capital CEO Jim Tananbaum added “Mindstrong Health’s founding team brings unmatched understanding of the critical challenges surrounding the way in which the medical community cares for patients suffering from cognitive health disorders.”
Led by Foresite Capital, the round of funding was supported by a list of investors that included ARCH Venture Partners, Optum Ventures and One Mind Brain Health Impact Fund.
About Jim Tananbaum
Founder and CEO of Foresite Capital Management Jim Tananbaum has been instrumental in the more than 21 successes of bio-technology firms including Amira Pharmaceuticals, Amerigroup, 10x Genomics, Jazz Pharmaceuticals and Intarcia.
Jim Tananbaum earned his Bachelor’s Degree in mathematics from Yale University, his Master’s Degree from the Massachusetts Institute of Technology and an MBA and MD from Harvard University.