Osmind Closes $15 Million Series A Round to Help Clinicians and Researchers Bring Innovative Mental Health Treatments to More Patients
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Funding will support expansion of Osmind’s next-generation neuropsychiatry software platform and team growth
SAN FRANCISCO–(BUSINESS WIRE)–July 1, 2021–
Osmind, a healthcare technology company building the first digital infrastructure for neuropsychiatry, closed $15 million in Series A funding to further develop and expand its electronic health record (EHR) and research platform. The financing was led by Future Ventures, joined by existing investor General Catalyst and new investors Tiger Global, Offline Ventures, and Yahoo! co-founder Jerry Yang’s AME Cloud Ventures.
A number of angel investors also participated, including Joshua Kushner (co-founder of Oscar Health and Thrive Capital), Adrian Aoun (founder of Forward), Jonathan Hirsch (founder of Syapse), Alice Zhang (co-founder of Verge Genomics), Bay Gross (co-founder of Cityblock Health), and Linhao Zhang (co-founder of TrialSpark). The company also announced the addition of Miki Kapoor (co-founder of Verana Health) as an advisor.
Osmind will use this funding to make key hires and continue scaling its EHR, which currently serves over 215 mental health practices in 38 states across the country. It will also continue to develop its research platform, which enables the discovery, development, and delivery of new diagnostics and therapeutics for treatment-resistant mental health conditions.
An estimated one-third of patients with depression are treatment-resistant, meaning they have failed two or more adequate trials of conventional therapies. The current mental healthcare landscape focuses largely on subclinical patients and promoting wellness, leaving a high unmet need for more effective, personalized treatment options for patients with acute or severe conditions. Osmind delivers real-world insights at scale to drive therapy development and inform best practices for patient care in a field undergoing rapid revolution. The company aims to usher in a new era of neuropsychiatry by powering advancements similar to those made in oncology over the past decade-leveraging technology and data to enable precision mental healthcare.
Osmind’s modern EHR is the first and only software that solves specific challenges faced by innovative mental health practices. It allows clinicians to track measurement-based outcomes for intensive treatment modalities and deliver more tailored care, automates compliance processes for the U.S. FDA and insurance companies, and streamlines patient and practice management. The software also aggregates de-identified real-world data to accelerate research and development of new mental health treatments and diagnostics such as psychedelic medicines, neuromodulation, digital therapeutics, digital phenotyping, and neuroimaging.
“At Future Ventures, we invest in passionate founders who are forging a better future and restructuring industries such as sustainable transportation, energy and agriculture, as well as outer space exploration and the inner space of mental health,” said Steve Jurvetson, co-founder of Future Ventures. “We see neuropsychiatry at a similar inflection point, and Osmind is accelerating a renaissance in one of the most broken areas of healthcare. During the COVID-19 pandemic, the prevalence of depression tripled. The World Health Organization predicts that-without significant changes-mental illness will cost the world economy $16 trillion by 2030, making it the largest disease burden globally. A new generation of psychedelic therapies in FDA trials are showing unprecedented cure rates. Change is coming, and Osmind can help humanity learn how to heal.”
The company also plans to expand its research collaborations, building on initiatives already in progress with top academic institutions, life sciences companies, and industry partners such as Fluence and The Ketamine Taskforce for Access to Safe Care and Insurance Coverage.
“We are truly grateful to our investors and our early adopter clinicians who believe in our ability to build the infrastructure necessary to transform mental healthcare,” said Lucia Huang, CEO and co-founder of Osmind. “This capital will enable us to take Osmind’s foundational technology and team to the next level, unlocking innovation that results in better care for mental health patients who need it most.”
Additionally, Osmind is welcoming Miki Kapoor as an advisor to lend his deep expertise on the U.S. healthcare system and as a CEO, President, co-founder, and board member for several healthcare companies that have been acquired and gone public while he has been at the helm. An accomplished executive with over 20 years of healthcare data and technology experience, Mr. Kapoor is an Operating Partner at Linden Capital Partners and most recently served as President and CEO of Verana Health, which he co-founded and where he currently serves as Senior Advisor. Prior to Verana, Mr. Kapoor was CEO of Tea Leaves Health. Other previous roles include President of Everyday Health and Head of the Global Payer and Provider Division for IMS Health, now IQVIA.
“I’m thrilled to join Osmind as an advisor,” said Mr. Kapoor. “Throughout my career, I’ve worked on solving big problems in healthcare by connecting research, patients, and providers. I believe mental health is the most critical area to focus on next. Osmind is a category-defining leader in this field as shown by their incredible progress in just one year.”
Osmind is building the operating system for neuropsychiatry. Our mission is to empower clinicians and researchers to bring innovative mental health treatments to patients who need it most. Osmind’s EHR is the leading software solution designed for progressive mental health providers to track outcomes, streamline workflows, and increase client engagement for evidence-based practices. The EHR anchors a digital infrastructure that generates insights for researchers to unlock novel therapeutic approaches and precision psychiatry. For more information, visit osmind.org and join the conversation on Twitter, Instagram, and LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210701005622/en/
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