Foresite Capital, a venture capital firm that specializes in healthcare, donated money to Mindstrong Health; a startup business focused on using smartphones to identify and help in the treatment of neuropsychiatric disorders. Mindstrong Health raised about 14 million dollars in the series-A funding from investors. Foresite Capital was named among the major investors in the deal. Paul Dagum, Mindstrong Health CEO and founder, said that for a long time mental health tracking had been restricted to reports that were subjective in the clinical environment, yet all contemporary medicine is centered on objective tracking.
According to INC42, in a never-seen-before approach to mental health, Mindstrong Health’s new technology will provide continuous and objective measures of behavior and cognition. This will all be done at a very high level of resolution and insight. Mindstrong Health designed a smartphone platform that works by utilizing data on the patient’s scrolling and typing patterns. This data will be used to gauge the brain function. The data will then be processed on the platform to give information on the mood of the patient as well as cognition biomarkers such as memory, processing speed, and the functioning of the brain. Jim Tananbaum, CEO and Managing Director of Foresite Capital, said that the Mindstrong Health’s team had brought unparalleled perception of the desperate challenges connected to the methods used by the medical community to care for people suffering from mental disorders.
Jim Tananbaum has been listed in Forbes’ “Top 100 Investors on the Midas list”. He is estimated to have assets worth about $1.1 billion under management. He has in the past been a co-founder of two major biopharmaceutical companies as well as two more healthcare investment practices. Some of the companies that he has helped co-found include Prospect Venture Partners II and III and Sierra Ventures. Visit Ideamensch to know more.
Jim Tananbaum has been in the health industry for more than 20 years and has acquired vast experience in the same. Jim attended the Yale school of Medicine where he graduated with a B.S. and B.S.E.E. he also attended Harvard medical school where he attained an M.D. His other educational achievements include an M.B.A from Harvard Business School and an M.S from MIT.