Osmind, a health care technology company that raised $2 million in seed funding, is helping the 22 million Americans who experience treatment-resistant mental health disorders.
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General Catalyst led the round with participation from What If Ventures, 20|20 Fund, Jeffrey Leiden, Alice Zhang and others. The company’s total funding is $2.2 million, which includes pre-seed funds from Y Combinator and Pear VC, Huang told Crunchbase News.
In 2011, the World Health Organization estimated that mental health will be the leading global disease burden by 2030. Meanwhile, the National Institutes of Health reported in 2015 that about a third of people with depression are considered treatment-resistant. This means they have failed two or more adequate trials of conventional treatments that might include medication and psychotherapy.
Osmind is focusing on improving care delivery and advancing innovative treatments to those patients with treatment-resistant mental health. Its software enables patient engagement, remote monitoring and data-driven clinical decision-making. In addition, it provides automation of clinical care and practice management on the administrative side.
The new funding will be used to further develop its electronic health record software and analytics platform and scale it across the country, Huang said.
“Our mission is to revolutionize mental health, and especially with COVID-19, there is more focus on it now,” she added. “One of the biggest problems is that we don’t know what works well for the individual person, so it is trial and error. We are helping doctors have a better sense of what works best, and at the same time, aggregating insights to accelerate research and development of new treatments and diagnostics.”
Next up, the company will focus on building out its team, including hiring engineers and sales staff.
It will also work on additional functions and capabilities, including offering daily passive and active ways for doctors to engage with and monitor patients between visits and to see their progress, Qian said.
Katherine Boyle, partner at General Catalyst, said in an interview that her firm is focused on mental health. She met Huang while she was a student at Stanford University and again while Osmind was at Y Combinator.
“I was blown away by the progress Lucia had made with Osmind, her belief in the sector, as well as the caliber of the team and partners she brought on,” Boyle said. “This company is focused on science. There are a lot of questions around drug-resistant patients, and what makes Osmind unique is they are drawing insights and data on patients, which will provide a big and bold vision of what we will see in mental health and will reframe how we think about mental health.”
Osmind joins other investments made by General Catalyst in this space in 2020, including SonderMind, which we reported on in April raising a $27 million Series B. In May, the firm also invested in Mindstrong’s $100 million Series C.
Illustration: Dom Guzman