With former Uber executives as new CEOs, Mindstrong’s digital mental health services raised $ 100 million | Instant News


Daniel Graf has had a long career in the technology industry. From setting up their own startup in the mid-2000s to working at Google then Twitter, and finally Uber, the technology business has made it very rich. “data-reactid =” 12 “>Daniel Graf has had a long career in the technology industry. From setting up their own startup in the mid-2000s to working at Google then Twitter, and finally Uber, the technology business has made it very rich.

Catalyst Managing director Hemant Taneja, walk in the San Francisco South Park neighborhood and hear Taneja talk about a new startup called Mindstrong Health. “data-reactid =” 13 “> But after leaving Uber, he didn’t need to be interested in working in another business … At least, not until he spent the afternoon in spring 2019 with an old friend, General Catalyst Managing director Hemant Taneja, walk in the San Francisco South Park neighborhood and hear Taneja talk about a new startup called Mindstrong Health.

Taneja told Graf that in the fall of that year, he would work at Mindstrong … and Taneja was right.

“I was interested in health technology before,” Graf said. & Nbsp; “The problem is always … and & nbsp; it sounds a bit too money-oriented … but if there is no clear visibility around who pays who is on startup, the startup won’t work,” and that’s always the problem with the health care business . & nbsp;“data-reactid =” 15 “>“I was interested in health technology before,” Graf said. “The problem is always … and it sounds a little too money-oriented … but if there is no clear visibility around who pays who is on startup, the startup won’t work,” and that’s always the problem with the health care business.

NEW YORK, NY – MAY 21: Daniel Graf received the Webby award for Google Maps for the Iphone at the 17th Annual Webby Award at Cipriani Wall Street on May 21, 2013 in New York City. (Photo by Bryan Bedder / Getty Images for The Webby Awards)

With Mindstrong, who announced today that they have raised $ 100 million in new financing, the issue of who pays is clear.

So Graf joined the company in November as chief executive, taking over from Paul Dagum, who remained with Mindstrong as chief scientific officer.

“Daniel joined the company when it moved from pure R&D to something commercially available,” Taneja said, in an email. “In health care, it’s increasingly important to understand how to build for consumers and that’s where Daniel’s experience and background come in. Paul remains a core part of the team because nothing happens without knowledge.”

The company, which has developed a digital platform to provide therapy to patients with severe mental illnesses ranging from schizophrenia to obsessive compulsive disorder, is looking for ways to tackle the problems that make the health care system in US $ 20 billion a month, Graf said.

Headspace and Calm, which focuses on the mental health market for mass consumers, Mindstrong focuses on people with severe mental health conditions, said Graf. That means people who are bipolar, schizophrenic or have major depressive disorder. “Data-reactid =” 28 “> Not like a company like Headspace and Calm, which focuses on the mental health market for mass consumers, Mindstrong focuses on people with severe mental health conditions, said Graf. That means people who are bipolar, schizophrenic or have major depressive disorder.

This is a much larger population than most Americans think and they face a critical problem in their ability to receive adequate care, said Graf.

“1 in 5 adults has a mental illness, 1 in 25 has a serious mental illness, and this pandemic worsens this number. Meanwhile, more than 60% of US districts do not have a practicing psychiatrist, “Joe Lonsdale, founder of 8VC, and investor in the latest Mindstrong Health round, said in a statement. & Nbsp; & nbsp;“data-reactid =” 30 “>“1 in 5 adults has a mental illness, 1 in 25 has a serious mental illness, and this pandemic worsens this number. Meanwhile, more than 60% of US states do not have a practicing psychiatrist, “Joe Lonsdale, founder of 8VC, and investor in the latest Mindstrong Health round, said in a statement.

Dagum, founder of Mindstrong Health has been working on how to provide better access and monitor indications of potential distress episodes since 2013. The company’s technology provides various monitoring and measurement tools using digital biomarkers that are currently being validated through clinical trials, according to Graf.

“We passively measure cell phone use and keyboard stroke times to measure how [a patient] is being done, “Graf said. This smartphone interaction can provide data about mental acuity and emotional valence, according to Graf – and can give signs that someone might be having problems.

The company also provides access to therapists through telephone and video consultation or text-based asynchronous communication, based on user preferences.

“Think of us more as a virtual hospital … our treatment path is very complex for this population,” Graf said. “We don’t know of any other startups that work with this population. These people, the best you get now is county mental health.”“data-reactid =” 38 “>“Think of us more as a virtual hospital … our treatment path is very complex for this population,” Graf said. “We don’t know of any other startups that work with this population. These people, the best you get now is county mental health.”

The Mindstrong Series C upgrade includes participation from new and existing investors, including General Catalyst, ARCH Ventures, Optum Ventures, Foresite Capital, 8VC, What If Bezos Ventures and Expeditions, along with other undisclosed investors. & Nbsp; & nbsp;“data-reactid =” 39 “>The Mindstrong Series C upgrade includes participation from new and existing investors, including General Catalyst, ARCH Ventures, Optum Ventures, Foresite Capital, 8VC, What If Bezos Ventures and Expeditions, along with other undisclosed investors.

General Catalyst managing director, Taneja. “data-reactid =” 40 “> And while mental health is the focus of the company at the moment, the platform for the delivery of care built by the company has broader implications for the industry, especially after the COVID-19 epidemic, according to General Catalyst managing director, Taneja.

“I hope that we will see discoveries in biomarker technology such as Mindstrong that can be applied horizontally in almost all fields of health,” Taneja said in an email. “Because health care is so broad and diverse, being vertical like Mindstrong makes perfect sense. There is an opportunity to become a successful and highly impactful company by staying narrowly focused and solving some problems that are very difficult even for a small portion of the entire population.”



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