September 10, 2018 (Philadelphia, PA) – NeuroFlow, a mental health technology company, has raised $1.2 million from a consortium of investors, led by NJ JumpStart with participation from Independence Blue Cross, Chestnut Street Ventures and Ben Franklin Technology Partners. The cash infusion will allow the company to expand on its current technology offerings and add key hires before the end of 2018.
“With product demand accelerating and newfound applications for our technology, it was the right time to access supplementary investment from our strategic partners,” said NeuroFlow CEO and Founder Chris Molaro. “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 total subscription of the raise is anticipated to be $1.5 million, as NeuroFlow continues to seek additional capital to target major health systems. Other healthcare professionals who were initially clients of the company have invested personal money, a testament to the value demonstrated in the market.
The company is wrapping up a pilot in the inaugural cohort of the Smart Health Innovation Lab, in conjunction with Penn Medicine Lancaster General and Capital Blue Cross. The platform has been integrated with providers in a wide variety of care settings, opening promising new opportunities for the business.
“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.
Currently, NeuroFlow’s product is being used by hundreds of clinics and hospitals across five continents. Clinical professionals have found value in leveraging NeuroFlow’s platform for integrating mental health and enhancing the way evidence-based care is tracked. As the product continues to gain commercial traction, NeuroFlow is planning to build on the signature tool, spawning new offerings for specific needs in the healthcare industry. For this reason, the company will look to add product development and sales hires in the coming months.