Mindstrong Health specializes in developing software and devices to assist doctors in treating illnesses such as mental disorders. Currently, the company is developing Al-powered platform to assist in the treatment of neuropsychiatric diseases as it measures the patterns of the brain function using a smartphone. The Al-powered platform requires a huge capital investment to make it successful. Currently, the company has received $ 14 million in Series-A funding from hedge funds and venture capital firms such as Foresite Capital, ARCH Venture Partners, and Optum Ventures.
Mindstrong’s platform uses the patients’ speed of typing and scrolling on their smartphone to determine the level of their brain function. In addition, the platform can determine the patients processing speed and memory as it is designed to interpret the patient’s mood as well as cognition. This technology will assist doctors to measure behavior patterns of patients objectively; unlike before when physicians had to continuously evaluate the condition of their persons having cognition disorders. This technology has attracted health investors such as Jim Tananbaum, CEO of Foresite Capital. Visit Bloomberg to know more.
Foresite Capital is a venture capitalist firm with $1.1 billion in assets. Currently, the firm is investing in healthcare start-up companies such as the Mindstrong. According to Jim, the healthcare sector is growing continuously as a result the firm is collaborating with visionary entrepreneurs who seek to improve the healthcare through innovation.
Jim Tananbaum Career Profiling
Jim is an expert in the healthcare investment. After graduating in medicine from Harvard Medical School, he founded GelTex pharmaceuticals (NASDAQ:GENX). During his tenure as CEO, the firm was able to introduce two drugs in the market. Currently, the two drugs generate more than $I billion as revenues. However, the company was acquired for $1.6 billion. Jim later founded Theravance Biopharma (NASDAQ:TBPH). Currently, the company has a market capitalization of $2.75 billion. Surprising, Jim has founded other companies such as Prospect Venture Partners II and III.
Jim Tananbaum is a graduate in B.S and B.S.E.E from Yale, medicine from Harvard Medical School, and in M.S from MIT. In addition, he did postgraduate studies in M.B.A from Harvard Business School thus qualifying him to successfully manage venture capital organizations in the healthcare industry.