Seed Round Enables MindRhythm to Complete First-of-its-Kind Clinical Trial
CUPERTINO, CA / ACCESSWIRE / August 24, 2021 / MindRhythm, a medical technology company focused on preventing neurological injury in stroke, today announced it has raised $5 Million in an oversubscribed round of seed funding. A diverse group of sophisticated investors participated in the round, with a mix of family office, venture capital, and individuals dedicated to the company's mission: Principal investors include Pierre and David Lamond; Corey Goodman, PhD, Managing Partner of venBio and Board Chairman for MindRhythm; DCVC; Aestus Capital; Perseverance Capital Management; Blue Fog Capital; Franklin Berger, Managing Director at FMB Research and Kyle York, CEO and managing partner of York IE. Early funding was provided by Laman Ventures, the venture fund of Lou Lavigne, former EVP and CFO of Genentech, and his wife Nancy Rothman. The company was incorporated in 2019 by John Keane, President and CEO; Wade Smith, MD, PhD, Professor of Neurology at the UCSF Weill Institute for Neurosciences, and President of The Neurocritical Care Society; and Paul Lovoi, PhD, CTO and product inventor.
Stroke is the fifth leading cause of death and a leading cause of permanent disability in the United States. MindRhythm's Harmony device is a novel, non-invasive, diagnostic medical device that is designed to be used in an EMS setting to rapidly identify potentially lethal large vessel occlusion (LVO) strokes. These patients will benefit from rapid transport to a Comprehensive Stroke Center (CSC) that has the capabilities necessary to perform the treatment that will optimize outcomes. Small Vessel Occlusion (SVO) patients will be rapidly transported to a Primary Stroke Center (PSC), thus expediting care for all stroke patients.
This oversubscribed seed round underscores the importance of stroke triage and the need to improve outcomes for all stroke patients. MindRhythm's finely-tuned, proprietary technology, developed in conjunction with UCSF, accurately stratifies stroke patients, communicates patient data, and provides remote location status to hospital teams prior to arrival thus optimizing patient treatment and outcomes. The funding from this round will allow MindRhythm to complete the clinical trial, demonstrating effectiveness of the device in the EMS environment.
"With stroke as one of the top causes of death and disability in the United States, MindRhythm intends to provide EMS professionals the ability to more easily identify and triage strokes, ensuring patients arrive at a hospital that can treat them in the quickest time possible," said John Keane, President and CEO, MindRhythm. "This round of funding will allow us to further our mission of optimizing stroke triage prehospital, speeding time to treatment and reducing morbidity and mortality in emergent stroke."
"I am extremely proud to be backing MindRhythm to help solve this well-known problem in stroke," said Goodman. "The MindRhythm team is made up of some of the best and brightest in commercialization, medicine and science, and their unique approach, similar to the STEMI protocol with heart attacks, has the opportunity to make a major impact in medical technology."
MindRhythm's strategic advisory board is comprised of several entrepreneurs, including York, Steve Chen, co-founder of YouTube, and Jonathan J. Rubinstein, Board Director for Amazon and long time technology executive. MindRhythm's scientific advisory board includes Matthew Amans, MD, MSc, Associate Professor of Clinical Radiology of Neuro Interventional Radiology and Diagnostic Neuroradiology at UCSF; Warren Levy, MD, Associate Professor of Anesthesia and Critical Care [Emeritus] at the Hospital of the University of Pennsylvania; Reza Malek, MD, MSc; Jeffrey Saver, MD, Medical Director of the Stroke Unit at the UCLA Medical Center; and Shahed Toossi, MD, Director, Neuro ICU Fellowship Program, Cedars Sinai Medical Center.
To learn more about MindRhythm, visit: https://mindrhythm.com
MindRhythm is a medical technology company focused on preventing neurological injury primarily caused by strokes. Founded by world-renowned experts with significant commercialization experience, MindRhythm's monitoring devices provide novel and real-time visibility to life-threatening situations prehospital allowing clinicians to intervene and prevent brain damage. Collaborating with the healthcare community, MindRhythm looks to apply the same systematic approach to reducing time to treatment in strokes that has been successfully implemented for heart attacks with the STEMI protocol. Together, let's save lives and improve quality of life: https://mindrhythm.com.
SOURCE: MindRhythm, Inc.