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.