Funding / Health / Investing / Venture capital

Mental health tech company NeuroFlow raised a $20M Series B amid pandemic growth

The firm led by CEO Chris Molaro plans to grow its team as digital mental health solutions remain top of mind in the pandemic.

NeuroFlow CEO Chris Molaro at HIMSS. (Courtesy photo)

The coronavirus pandemic isn’t just one of public health, but mental health, as well. One Philly company has seen growth as it aims to combat these spikes in depression and anxiety.

NeuroFlow, a tech-enabled behavioral health platform has raised a $20 million Series B round of financing to keep up with the growth its seen thifs year, the company announced Wednesday. The round was lead by Phoenix-headquartered managed health care company Magellan Health, along with previous investors.

NeuroFlow closed a $7.5 million Series A at the end of 2019, with plans to bulk up its sales, marketing and data science departments. The company stands around 60 employees right now, with plans for more hires with the Series B funding, a spokesperson told (See open roles here.)

As mental health resources largely turned virtual last year, NeuroFlow scaled its operations in data analytics, artificial intelligence and direct health record integrations. The company’s flagship software allows clinicians to see data from wearable devices, assign tasks such as meditation or journaling for patients to complete at home, and send automated motivational emails.

“The COVID-19 pandemic did spur growth for the company and it also brought an unprecedented awareness to mental health in the country,” the spokesperson said in an email. “We’re definitely in a period of serious growth for technology in this space.”

In 2020, the company won funding from the National Science Foundation to expand its AI work, and also partnered with the Air Force to help administrators monitor the “combat readiness” of airmen. In 2018, NeuroFlow also partnered with the Corporal Michael J. Crescenz VA Medical Center to test the platform.

“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,” CEO and former Army Captain Chris Molaro said in Wednesday’s announcement. “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.”

In investing in NeuroFlow, Magellan said it is poised to drive further adoption of NeuroFlow’s behavioral health integration tools and collaborative care initiatives with its network of providers and health professionals across the country.

“Together with NeuroFlow, we will pave the way for a personalized, whole health approach that is fueled by leading edge digital capabilities,” said Ken Fasola, CEO of Magellan Health, in a statement.

NeuroFlow currently serves about 330,000 users across 200 commercial health systems, payers, accountable care organizations, independent medical groups and federal agencies.

Companies: NeuroFlow

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