CredibleMind, a digital mental health platform that captures data to drive outcomes in behavioral health, has secured $7.5 million in Series A funding led by Horizon Mutual Holdings.
WHAT IT DOES
CredibleMind’s AI platform scans, arranges and personalizes tens of thousands of expert-curated resources across over one hundred mental health subjects.
The platform creates a custom-made digital experience for people that combines evidence-based self-care and validated assessments with health plan programs and care-network resources.
The California-based company will use the funds to spur growth in its business sectors that focus on health plans and public health partnerships.
Additionally, the funding will be used to further develop the company’s AI data engine for improving resource curation, consumer activation and care navigation, and for promoting quality and care outcomes.
“The majority of communities and health plans nationwide have ranked mental health as a top-three priority, yet few have a cost-effective way to fully address these needs, upstream and at scale,” Deryk Van Brunt, founder and CEO of CredibleMind, said in a statement.
“CredibleMind was born out of the recognition that we need to move to a population-based mental health system of care. We’re delighted to have the support of Horizon Mutual Holdings, as well as our existing investors who participated in this round.”
MARKET SNAPSHOT
In August, CredibleMind introduced The Flourishing Course, an online program designed to provide people with the skills they need to maintain positive mental health. The program is the cornerstone of the CredibleMind Community Mental Health Platform, a comprehensive and customized mental wellbeing resource center for communities and the people they serve.
In July, The National Association of County and City Health Officials (NACCHO) partnered with CredibleMind, to launch Behavioral Health 360, a nationwide program designed to address the country’s mental health crisis. The program was intended to set a national agenda that empowers local public health departments to improve the mental health status of their local communities.
Last year, CredibleMind collaborated with Blue Shield of California to offer its health-plan members an evidence-based, one-stop information system for self-care and mental wellbeing. Via the CredibleMind online portal, health plan members have access to self-assessment tools and resources to help them find information and strategies for developing resiliency and addressing moderate mental health challenges.
Other companies in the digital mental health space include Talkspace, which partnered with Wisdo Health in October to increase access to mental health resources for people older than 65.
Arbital Health continued its long-term strategic collaboration with Quartet Health to support Quartet’s Whole Health program that lowers costs and improves patient outcomes for those who have been diagnosed with serious mental illness.
In September, behavioral health technology and analytics company NeuroFlow partnered with Paramus, New Jersey-based Bergen New Bridge Medical Center, to integrate NeuroFlow’s workflow tools into the medical center’s ambulatory care settings to enhance the identification of behavioral health needs.
In July, New York-based mental health platform Headway secured $100 million in Series D funding, more than doubling its valuation to $2.3 billion. Additionally, the company announced plans to expand its services for individuals with Medicare Advantage and Medicaid insurance and additional commercial plans.
