Jim Tananbaum is an entrepreneur and the creative force behind a venture capital company known as Foresite Capital. The venture capital company usually focuses on enabling healthcare companies to raise capital. Mindstrong Health, a neuropsychiatric treatment and diagnosis firm, is the latest beneficiary of Foresite Capital’s services. Mindstrong managed to raise $14 million from a Series A financing round led by Foresite.
Mindstrong’s AI Platform
According to INC42, the money is set to support Mindstrong’s neuropsychiatric treatment and diagnosis platform. The platform comprises of an artificial intelligence functionality designed to monitor interaction patterns and brain function on smartphones effectively. It focuses on providing continuous and consistent digital biomarkers of cognition and mood. These biomarkers include processing speed, memory, executive function, and attention.
Dr. Tom Insel is one of the creative forces behind the success of Mindstrong Health. He said that the company’s approach to assessing brain function acts as a foundation for developing treatments to improve mental health. He also pointed out that the AI platform can monitor one’s scrolling and typing patterns on a smartphone. Insel believes that smartphones can be used in diagnosing some of the most complicated cognitive disorders. Check out Ideamensch to know more.
Besides Foresite Capital, the financial round was also led by ARCH Venture Partners, the One Mind Brain Health Impact Fund, Berggruen Holdings, and Optum Ventures. Jim Tananbaum said that Mindstrong Health comprises of experts who understand the challenges that modern health facilities face when addressing cognitive health disorders. He said that the firm’s leadership team has a collective experience that can be used to improve the manner in which care is offered to patients with such disorders.
About Jim Tananbaum
Besides Foresite Capital, Jim Tananbaum also founded and headed several venture capital firms. These include Intarcia Therapeutics and Puma Biotechnology. Tananbaum is also celebrated as the founding partner of a privately owned company called Prospect Venture Partners I and II.
Tananbaum is also the brains behind a healthcare company, which has a market cap of $3.5 billion, known as Theravance. He acted as the company’s CEO before coming up with Foresite Capital. As he commenced his professional career, Tananbaum was Sierra Ventures’ partner. He helped the firm in establishing its first healthcare service investment practice.