Mental healthtech company NeuroFlow raised a $25M growth round

Following a $20 million Series B round last year, NeuroFlow just closed a $25 million round of financing to continue its growth, the mental healthtech company announced Thursday.

The company makes a platform that facilitates mental healthcare management for patients in between traditional office visits. Last year, NeuroFlow scaled its operations in data analytics, artificial intelligence and direct health record integrations. Its 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 $25 million round was led by SEMCAP Health, which NeuroFlow called a “new strategic partner.” With the funding, NeuroFlow will keep expanding its referral network, deepen relationships with payers and providers to “identify and triage individuals with behavioral health needs across the spectrum of care.” The company will also invest in further R&D for its tech platform, and increase headcount across all departments to “support rapid growth.”

“The company’s thoughtful approach to patient experience, enterprise workflows, and clinical content is helping healthcare organizations do more with less — clinicians use technology to engage millions of in-need patients to improve outcomes and reduce encounters in expensive, supply-constrained medical settings,” said Ralph Muller, executive chairman of SEMCAP Health, in a statement.

NeuroFlow has made some other big moves in 2022. Since last year, the company has doubled in full-time employees and expanded its reach to 15 million people in all 50 states, it said.

Last month, it also opened a new 16,000-square-foot office at 1601 Market St. that can act as a home base for any of its estimated 100-person full-time team, of which about 70% are based in the Philly area. The mix of open air areas, conference rooms, dedicated meeting and event space aims to also attract meetup groups or those who want to put on events in the Philly startup community, cofounder and COO Adam Pardes told Techncial.ly a few weeks ago.

“We’re hoping that when people want to meet and don’t have the space, they’ll think of us,” Pardes said then. “I think we have a space that’s easy to get to, near City Hall and has a vibe early-stage companies are going for.”

NeuroFlow CEO Chris Molaro said in a statement that the company aims to collaborate with others in the healthcare space, like telehealth partners, to get people the most efficient care. He pointed out a supply and demand problem within behavioral health, and that NeuroFlow was aiming to scale a standardize way people can be identified, assessed and referred care. The round of financing will help the team grow amid some less-than-certain financial markets, he said.

“Since we were founded in 2017 the world has changed so much. Our growth has been fueled by both behavioral health finally being acknowledged and prioritized as well as payers and providers moving closer to value-based care,” Molaro said in a statement. “This financing round was opportunistic for us with a lead investor that is aligned with our vision and experienced in healthcare. We have the strength and flexibility to continue serving our health system and payor partners regardless of whatever the market conditions may be quarter-to-quarter.”