Mental Health Platform NeuroFlow Secures $1.2M in Funding to Enhance Product and Expand Team

VCBeat (WeChat ID: VCbeat) learned yesterday that the mental health platform NeuroFlow has secured $1.2 million in financing, which it plans to use to enhance its products and attract more employees. The round was led by NJ JumpStart, with participation from Ben Franklin Technology Partners, Independence Blue Cross, and Chestnut Street Ventures. NeuroFlow, a digital mental health startup based in Philadelphia, had initially aimed to raise $1.5 million and is still in the process of fundraising. Chris Molaro, Co-founder and CEO of NeuroFlow, stated via email, “We are confident and expect to complete a total of $1.5 million in financing by the early fourth quarter of 2018.”

In October 2017, NeuroFlow secured $1.25 million in funding from four investment firms, including Alumni Ventures Group. This brought the total capital raised by the two-year-old company to $2.45 million.

NeuroFlow’s platform enables mental health service providers to assess and aggregate patients with mental disorders, with the ultimate goal of addressing their mental health needs. NeuroFlow’s users include psychotherapists, counselors, psychiatrists, primary care providers, and pain specialists. By leveraging NeuroFlow’s technology, healthcare teams can effectively manage issues for specific patients, assign treatment plans, and send motivational emails and feedback. Its flagship products include EngageBH, which encourages interaction between behavioral health specialists and patients, and IntegrateHealth, which helps integrate behavioral health technologies into non-mental-health settings, such as primary care institutions.

NeuroFlow was founded by Adam Pardes and Molaro in 2016.

Adam Pardes is a Ph.D. candidate in Bioengineering at the University of Pennsylvania. Molaro earned his MBA from the Wharton School, having previously attended the United States Military Academy at West Point and served in the U.S. Army. During his military service, Molaro recognized that maintaining soldiers’ mental resilience posed a significant challenge. “It is evident that many soldiers would benefit from psychotherapy or from integrating behavioral health into physical health considerations,” Molaro pointed out, “yet psychological and physical treatments are handled entirely separately.” This issue is not confined to the military but affects everyone’s lives, Molaro added.

Subsequently, Molaro and Adam Pardes launched a mental health startup initiative and joined forces with several professors in neuroscience and psychology to jointly develop a solution focused on behavioral health.

In addition to raising capital, NeuroFlow joined the Smart Health Innovation Lab as one of its inaugural companies. The Smart Health Innovation Lab is a collaborative initiative among Penn Medicine Lancaster General, Capital Blue Cross, Aspire Ventures, and Clio Health.

By participating in a 12-week training program, NeuroFlow has been able to integrate its tools into various care settings. “The past 12 weeks have been crucial for us to understand the differences between selling products to large hospitals and private practices,” said Moraro. “We now believe that NeuroFlow has the capability to scale its technology within hospital environments, becoming a valuable asset.”