NeuroFlow, a behavioral health monitoring app powered by artificial intelligence, announced the initial closing of a $20 million Series B financing round led by Magellan Health, in addition to a syndicate including previous investors.
NeuroFlow works with health systems, payers, accountable care organizations, independent medical groups, and federal agencies to support virtual health programs by treating patients with depression, anxiety, and other behavioral health conditions across different care settings. The company’s app delivers evidence-based self-care programs, with a severity score informed by activity to monitor progress, compliance, and outcomes.
With record growth in telehealth adoption and historic spikes in depression and anxiety due to the ongoing pandemic, workflow augmentation solutions have been identified as top priorities in the industry. According to the company, more than 200 commercial health systems use its app.
“Behavioral health is not independent of our overall health – it affects our physical health and vice versa, yet most underlying behavioral health conditions go unidentified or are ineffectively treated. Most healthcare providers are overburdened, so introducing the concept to account for a person’s mental health in addition to their primary specialty can be overwhelming and lead to inconsistent and inadequate treatment,” said Chris Molaro, NeuroFlow chief executive officer.
“Technology, when used strategically, can enhance and augment providers, making the concept of holistic and value-based care feasible at scale and easy to implement.”
NeuroFlow plans to use the new proceeds to scale operations and support its growth in data analytics, artificial intelligence, and direct health record integrations.
Ken Fasola, chief executive officer, Magellan Health, said: “Our goal is to support optimal experience and outcomes for members and deliver transformative technology for our clinical professionals. This partnership is beneficial in achieving the best outcomes through measurement-based care and best in class technology.”
Including the latest funding round, NeuroFlow has raised over $30 million to date.
mHealth Apps focused on fitness, wellness, and care & communication raised $1.4 billion in 2020, a 17% increase in funding, compared to $1.2 billion in 2019.