Mental health provider SonderMind buys Mindstrong's tech assets

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来源: FierceHealthcare

Mindstrong launched in 2014 with a focus on diagnosing and treating mental health conditions through the power of artificial intelligence and smartphones. SonderMind execs said the deal will add Mindstrong's technology custom-built for mental health care.

Mental health provider SonderMind bought struggling startup Mindstrong's technology and will bring on board some of its tech team, the company announced Wednesday.

The Denver-based therapist matchmaking platform focuses on providing high-quality talk therapy and psychiatric care and said the deal will add Mindstrong's technology custom-built for mental health care. The addition of Mindstrong's tech will enable the company to deliver "personalized care journeys, clinical note templates, and enhanced measurement-based care to improve the clinician experience," executives said in a press release.

Financial terms of the deal were not disclosed.

“Technology has a critical role to play in improving mental health care delivery and outcomes, but not on its own,” said Mark Frank, CEO and co-founder of SonderMind, said in a press release. “The future of technology-enabled, personalized mental health care that we’re building at SonderMind is only possible because of thousands of SonderMind providers. With the addition of Mindstrong technology, we will be equipping clinicians with the clinical capabilities they need—such as tailored care pathways and enhanced measurement-based care—using technology and data to strengthen their ability to deliver high-quality care that helps individuals get better, faster.”

Through the deal, SonderMind also gains Mindstrong's tech capabilities—such as specialized care journeys and intelligent notes functions—to help treat those with serious mental illness, the company said.

And SonderMind picks up a technology team experienced in building and enhancing custom technology to leverage artificial intelligence and data science.

Mindstrong launched in 2014 with a focus on diagnosing and treating mental health conditions through the power of AI and smartphones. The company's smartphone app analyzed user habits to passively track a person’s cognitive function and mood, aiming to predict mental health events in an objective manner, Fierce Medtech reported. The company was named one of Fierce Medtech's Fierce 15 in 2018.

At the beginning of the COVID-19 pandemic, the company raised a $100 million series C round backed by big investors including General Catalyst, Arch Venture Partners, Foresite Capital, 8VC, Optum Ventures and What If Ventures, among other investors

The startup banked a total of $160 million from investors, according to Crunchbase.

The innovative company also attracted top leaders from companies like Google and Uber with expertise in neuroscience and computer science. Former director of the National Institute of Mental Health Tom Insel, M.D., is a co-founder and former president of the company.

Mindstrong was dedicated to transforming mental health care through innovations in digital measurement, data science, and virtual care models, SonderMind executives said. "They focused their care on serving those with serious mental illness, providing health solutions and services that helped deliver preemptive care and improve outcomes," executives said in a press release.

In February, several publications reported that Mindstrong was winding down its operations and planned to stop offering its patient care services by March 10. According to a Worker Adjustment and Retraining Notification notice with California's Employment Development Department, the company is laying off 128 employees and closing its Menlo Park headquarters.

SonderMind acknowledged that simultaneous to the acquisition of Mindstrong’s technology and tech team, the rest of the company terminated its operations.

Stat reported Mindstrong faced significant pressure from investors to commercialize the technology too soon and struggled to regain its footing after the departure of key founders and other dramatic management shake-ups.

The Mindstrong deal marks SonderMind's second acquisition in five months. During the HLTH conference in November, the company announced it bought neuroscience company Total Brain to build out its data-driven mental health care services.

SonderMind also acquired predictive analytics company Qntfy in 2021.

Launched in 2017, SonderMind developed a therapist matchmaking platform. The company's clinicians currently treat patients in 15 states and Washington, D.C., via virtual and in-person modalities. The mental health company starts users off with a questionnaire regarding their insurance, payment information, relevant health history and behavioral health-related questions in order to best match them with a provider.

The startup soared to unicorn status with a valuation “well north” of $1 billion in July 2021 after raising $150 million in its series C funding round. SonderMind has raised $183 million to date, backed by Drive Capital, Premji Invest, General Catalyst, F-Prime Capital, Founders Circle Capital and FCA Venture Partners, among others.

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