Philadelphia-based mental health technology company NeuroFlow has raised $1.2 million, and anticipates a total subscription of $1.5 million by the conclusion of its ongoing fundraising, the company announced today. The investment was led by NJ JumpStart, with additional participation from Independence Blue Cross, Chestnut Street Ventures, and Ben Franklin Technology Partners.
“With product demand accelerating and newfound applications for our technology, it was the right time to access supplementary investment from our strategic partners,” NeuroFlow CEO and Founder Chris Molaro said in a statement. “Given our tremendous growth and traction with major healthcare systems in Q2 and Q3 of 2018, this is an opportunity to scale quickly and decisively, as we expect to intensify our sales efforts during the final quarter of the year going into 2019.”
NeuroFlow’s looks to combine a range of mental healthcare resources and management tools within a single cloud-based platform. Within its two major offerings — one for private practices, and one for larger healthcare systems — the company’s software suite includes patient engagement push notifications; remote behavior monitoring; and data collection, analysis, and insight generation. The platform is HIPAA compliant, according to the company, and can be implemented in a number of settings across the continuum of care.
NeuroFlow said in a statement that its platform has been employed by “hundreds of clinics and hospitals across five continents.” Among these implementations is a pilot, conducted in conjunction with Penn Medicine Lancaster General and Capital Blue Cross, as part of the Smart Health Innovation Lab market adoption accelerator.
“We believe NeuroFlow will provide a valuable patient engagement tool that will help improve the overall outcomes of the patients being serviced by the platform,” Kim Ireland, Smart Health Innovation Lab CEO, said in a statement.
NeuroFlow said in the statement that his new funding will be used to further its primary platform offering through product development and sales hires “before the end of 2018.” The company also hinted that new offerings included within its platform are on the way.