NeuroFlow just raised $1.2 million to scale up - Technical.ly Philly

Business

Sep. 10, 2018 8:24 am

NeuroFlow just raised $1.2 million to scale up

Led by New Jersey's NJ JumpStart, the round of funding will let NeuroFlow catch up with demand for its mental health patient engagement technology.

NeuroFlow has a team of 13 perched at MakeOffices.

(Courtesy photo)

Backed by a $1.2 million round of funding, Center City-based NeuroFlow will look to meet the “tremendous” market traction its mental health patient engagement platform has been gaining among healthcare providers, CEO Chris Molaro says.

Though the company raised a $1.25 million seed round last fall, this funding round — led by New Brunswick, N.J.-based angel investor group NJ JumpStart — isn’t yet a Series A. Through a spokesman, the company called the funding a “post-seed” round, which also had participation from previous investors including Independence Blue Cross, Chestnut Street Ventures and Ben Franklin Technology Partners.

Currently a team of 13, the company will used the funding to expand on its current technology, under use by individual mental health practitioners and hospital systems, as well as add key hires by the end of the year.

“With product demand accelerating and newfound applications for our technology, it was the right time to access supplementary investment from our strategic partners,” Molaro said. “Given our tremendous growth and traction with major healthcare systems in Q2 and Q3 of 2018, this is an opportunity to scale quickly and decisively, as we expect to intensify our sales efforts during the final quarter of the year going into 2019.”

The startup, which raised part of its initial working capital through pitch competitions, is looking to raise additional capital on the post-seed round, to get the total number to $1.5 million.

In June, NeuroFlow joined a Lancaster, Pa.-based accelerator called Smart Health Innovation Lab, which allowed it to test its technology (and business model) in several simulated healthcare settings.

“We believe NeuroFlow will provide a valuable patient engagement tool that will help improve the overall outcomes of the patients being serviced by the platform,” said Smart Health Innovation Lab CEO Kim Ireland.

Advertisement

Companies: NeuroFlow
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Josh Kopelman revealed as investor in Backstage Capital’s accelerator

Report: Backstage Capital shifts focus to accelerator, lays off staffers

Comcast’s LIFT Labs is launching a new meetup group for female founders and funders

SPONSORED

Philly

Join the team at Odessa working to shake up the global leasing industry

Philadelphia, PA - Center City

Odessa

Director, People Operations

Apply Now
Center City

Inspire

Product Manager – Sales Tools

Apply Now
Center City

Inspire

Inside Sales Specialist

Apply Now

Former Phillies player Ryan Howard calls this startup ‘the future of baseball’

Dreamit had three big exits last year. Take a look inside its playbook

Why is this startup founder tripling down on Philly? He ran the numbers

SPONSORED

Philly

How this Vistar Media software engineer succeeds on an ‘inclusive team’

Philadelphia, PA

Perpay

Frontend Engineer

Apply Now
Blue Bell, PA

Pinnacle 21

Senior Software Engineer

Apply Now
Philadelphia, PA

Linode

Product Marketing Manager

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!