Wednesday, October 14, 2020

Osmind Raises $2M Seed Round to Revolutionize Mental Health by Empowering Mental Health Patients, Clinicians, and Researchers

MOUNTAIN VIEW, Calif.--()--Osmind, a healthcare technology startup providing software and clinical insights for mental health, announced today that it raised $2M in seed funding. The fundraising round was led by General Catalyst, with participation from What If Ventures, 20|20 Fund, Jeffrey Leiden MD, PhD (Executive Chairman of Vertex Pharmaceuticals), Alice Zhang (co-founder and CEO of Verge Genomics), and a number of other prominent healthcare executives. Osmind is also backed by Y Combinator and Pear VC. The funding will accelerate the development and expansion of Osmind’s electronic health record software and analytics platform leveraged by providers and researchers working with treatment-resistant mental health populations.

Osmind’s electronic health record is uniquely designed for mental health providers, especially those who treat refractory mental health conditions. About a third of people with depression are considered treatment-resistant, meaning they have failed two or more adequate trials of conventional therapies (including medications and psychotherapy). Researchers and doctors haven’t been able to find mental health therapies that actually work for each individual. Yet, most mental health companies are focused on less severely affected patients. Osmind’s software enables patient engagement, remote monitoring, and data-driven clinical decision-making while automating administrative aspects of clinical care and practice management. The platform also aggregates insights to accelerate research and development of new treatments and diagnostics.

“There are no objective measurements for what therapies work best for different people, leaving clinicians in the dark, researchers struggling to develop new treatments, and patients suffering through a painful trial and error process,” said Lucia Huang, co-founder and CEO of Osmind. “Our software fits into a clinician’s existing workflow and patients enjoy using it. The platform then pulls in patient-reported outcomes, functional metrics, and more. It analyzes how different patients respond to treatments, enabling clinicians to tailor their care and allowing researchers to develop better therapies and diagnostics.”

Launched in June, Osmind currently serves over 20,000 mental health patients in over 125 practices in over 30 states, including some of the largest treatment-resistant mental health clinics in the country.

“We're thrilled to support Osmind as they bring critical insights and infrastructure to treatment-resistant patients," said Katherine Boyle, Partner at General Catalyst. "At GC, we've long been focused on healthcare companies supporting access to mental health treatment, including Mindstrong and Sondermind. Osmind is building the infrastructure necessary to support patients, clinicians. and researchers alike by bringing greater insights to mental health treatments.”

Osmind aims to alleviate the world’s mental health crisis, which the World Health Organization estimates will be the leading global disease burden by 2030.

“We’re on the precipice of a revolution in mental health,” said Jimmy Qian, co-founder and COO of Osmind. “Innovative treatments hold tremendous potential for patients, such as psychedelic medicine, neuromodulation, and more. But to really help patients, we need a digital infrastructure for mental health that promotes precision health.”

About Osmind

Osmind is a public benefit corporation on a mission to maximize access to innovative mental health treatments. Founded in Palo Alto, CA in early 2020, Osmind builds software for mental health providers, patients, and researchers and generates insights to advance the development of new therapies, diagnostics, and care management programs.


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