This morning virtual behavioral health company NeuroFlow scored $7.5 million in Series A funding. The latest round was led by Builders VC with participation from Dreamit Ventures, Spring Point Partners, Red & Blue Ventures and AWT Private Investments.
This news comes a little over a year after the startup closed a $1.2 million round led by NJ JumpStart.
WHAT THEY DO
NeuroFlow uses a multi-pronged approach to treating behavioral health. Patients can tap into digital support tools and additional resources, while providers can use the platform for care coordination.
“We work on care coordination between physical health and mental health providers and also with patient engagement, directly with patients using a mobile application where they have resources made available to them with coping skills and patient generated data that is sent back to providers to help inform best treatment,” Adam Pardes, COO of NeuroFlow, told MobiHealthNews last year at HIMSS.
The company is angling to fill the gaps in behavioral healthcare.
“The biggest challenge when it comes to behavioral health is that access piece. There are just not enough care providers and even if you do get to a provider it is not even 1% of your week, and technology can bridge the gap,” Pardes said during last year’s interview. “I think we are starting to see more of that companies like ours … able to extend the providers beyond just a replacement or telemedicine visits, but actually adding to the entire experience through digital means.”
WHAT IT’S FOR
The Philadelphia-based startup plans on putting the new funds towards building its team and investing in product “integrations and data science.”
Behavioral and mental health platforms are plentiful in the digital health landscape. Talkspace, Silvercloud and Meru are among the list of industry players. However, some digital mental health tools have also come under fire over the past year. In March a study published in Nature Digital Medicine found that a majority of the apps studied did not provide evidence or peer-reviewed studies to back up their products.
ON THE RECORD
“What started as a response to a personal connection to the mental health crisis has become a mission driven business partnering with hundreds of providers to support the overall health of tens of thousands of individuals,” NeuroFlow CEO and cofounder Chris Molaro said in a statement. “We’re helping patients get better, faster and improving the way care is managed. Partnering with Builders VC aligns us with a team of industry experts who understand both the challenges and opportunities in transforming the way behavioral health is addressed and treated.”