According to CDC estimates, 50 percent of all Americans will be diagnosed with a mental illness or disorder at some point in their lifetime, and that is without factoring in the negative impact of a globally stressful and traumatic pandemic. We’ve made tremendous progress over the past 50 years in how we think about, address, and treat mental health issues and COVID-19 only served to emphasize the challenges faced and solutions needed.
That’s why we’re excited that DCVC-backed HealthMode has been acquired by MindMed, a leading psychedelic medicine biotech company that is working on novel approaches to the treatment of mental illness and addiction.
HealthMode helps clinicians and medical providers improve clinical trials with AI-enabled digital measurement methods. This changes the cost curve on clinical trials by increasing the speed and precision of clinical research. It’s an important example of how Deep Tech can help solve difficult problems that impact our society.
By combining the latest advances in science and technology with unique compute and algorithmic advantage, Deep Tech companies are able to reduce CAPEX and OPEX expenditures. This allows them to pragmatically tackle previously unsolvable problems in a cost-effective way. In the case of HealthMode, that means AI-enabled clinical trials that can potentially create better therapies and treatment strategies, faster. More broadly, it means faster drug discovery, smarter physical security, a better understanding of climate change risk, and beyond.
“DCVC has been a staunch partner as we grew the business, offering deep technical knowledge and operational experience at every stage,” said Dr. Dan Karlin, CEO of HealthMode. “As we move into a new phase as part of the MindMed team, I’m thankful for DCVC’s partnership over the years and look forward to tackling our next challenge – changing how mental health is treated in America.”
Deep Tech has the potential to improve so many different parts of our daily lives. That’s why we’re so enthusiastic about supporting not just the companies tackling these challenges, but the people heavily invested in their success. Dr. Dan Karlin was instrumental in propelling the company’s success through the early stages of product development and will bring that experience to the role of Chief Medical Officer of MindMed.
In acquiring HealthMode, MindMed is adding a Deep Tech advantage as it pushes forward in its mission to redefine how we treat mental health in North America. We can’t wait to see that mission accomplished.