A startup known as Mindstrong which focuses on using smartphones to aid and diagnose in the treatment of neuropsychiatric disorders said that it had secured 14 million dollars in series A- funding from some investors including ARCH Venture partners, Foresite Capital, one Mind Brain Health Impact Fund and the Optimum ventures. Mindstrong developed a platform that utilizes the patterns of the patients of typing and scrolling on a smartphone so that it can measure the function of the brain.
Mindstrong’s platform gives the information of cognition and mood biomarkers, which include function, memory and processing speed. Foresite Capital Managing Director and CEO said that the founding team of Mindstrong had brought an unmatched understanding of the important challenges in the way in which the medical fraternity cares for those patients that suffer from health disorders that are cognitive.
Jim Tananbaum is the founder and the CEO of Foresite Capital with $1.1 billion in assets value under management. Tananbaum has over 20 years of experience in building and investing healthcare companies. Before establishing Foresite Capital, Tananbaum co-founded two established biopharmaceutical companies and other two healthcare investment practices. After finishing in the medical school of Harvard, he established GelTex Pharmaceuticals which brought into the market two drugs for less than $80 million, but today these medicines generate to him $1 billion in revenues. Later, GelTex was acquired at an amount of $1.6 billion.
Jim also established and was the CEO of Theravance, Inc which with Theravance Biopharma, Inc add up to market cap worth $2.75 billion. On the side of investment, Tananbaum was an establishing partner of Prospect Venture Partners III and II, and in his career earlier, Tananbaum was a Sierra Ventures partner where he assisted then in establishing the healthcare services investment practice.
Jim has led various investments in other firms which include Amira Pharmaceuticals, Amigroup, Healthon and Jaz pharmaceuticals. Jim is a graduate of Yale with a B.S.S.E and a B.S, graduated from Havard medical school with an M.D, M.B.A from the Harvard medical school and M.S from MIT.Jim has also been on the advisory board and visiting committees to the program of Havard-MIT HST and the President Advisory Counsel of Yale.