Mindstrong Health has managed to secure $14 million for its upcoming project. Jim Tananbaum and his firm Foresite capital played a crucial role in the fund’s drive. Together with a group of other companies, including Arch Venture partners and Optum Ventures, Foresite capital facilitated the acquisition of this much-needed fund. Mindstrong intends to use the fund to finalize on its ongoing AI powered neuropsychiatric diagnosis and treatment platform. The trial results for the platform would be released in several months. If the platform is successful, it will revolutionize psychiatric care. For more details visit Bloomberg.
The neuropsychiatric platform is aimed at improving the treatment of psychiatric patients in the country. It will use smartphone devices to measure and monitor interaction patterns in these patients objectively. Paul Dagnum, the CEO of Mindstrong, said that the platform would reduce the prevailing subjectivity in psychiatric diagnosis. He continued to say that the proposed platform would provide psychiatric experts with continuous bio markers of cognitive functioning. It would continuously analyze cognitive elements, such as attention, memory and processing speed. Check out Patient Daily.
Jim Tananbaum, the CEO of Foresite Capital, which spearheaded the funds drive, retaliated that they were happy with Mindstrong’s ambition. He said that Mindstrong’s AI platform would change how the medical community handles and cares for psychiatric patients. Jim also commented in the release that he is confident that the team at Mindstrong has an unmatched understanding of the challenges facing healthcare for cognitively impaired patients. Check out LinkedIn for the details.
Jim Tananbaum is a leading healthcare entrepreneur. He has more than 25 years’ experience in the healthcare industry. He is the founder and current chair of Foresite Capital. Foresite capital is a healthcare investment firm that invests in innovative companies with unique healthcare products. It enables firms in bio technology, genomics, medical services and diagnostics sectors to develop and to roll out innovative products.
Before starting Foresite capital in 2010, Jim had co-founded two other leading firms. These are GelTEX Pharmaceuticals and Theravance Pharmaceuticals. Both firms have rolled out various drugs and earn revenues of more than $ 3billion annually. Jim is a Harvard Medical School graduate. He also holds an MS from Massachusetts Institute of Technology (MIT)