Osmind Raises $40M to Scale Mental Health Treatment, Research EHR

Public benefit corporation Osmind Inc. announced Tuesday it completed a $40 million Series B funding round.

The San Francisco-based startup will use the funding to further develop its electronic health record (EHR) technology for mental health research and treatment, advance research with new partners, and double the size of its workforce, according to a news release.

Founded in 2020, Osmind helps researchers and clinicians advance new treatments for people with moderate and serious mental illness. These include new psychedelic treatments such as ketamine therapy, esketamine treatments and neuromodulation such as transcranial magnetic stimulation (TMS).

Some of the conditions that researchers and clinicians using Osmind’s products study include severe depression, suicidality, post-traumatic stress disorder, substance-use disorders, anxiety and obsessive compulsive disorder.

“We are at a powerful tipping point in the development of new psychiatric interventions, similar to the precision oncology transformation over the past 20 years,” Lucia Huang, CEO and co-founder of Osmind, said in the release. “Mental health clinicians are at the forefront of this transformation and are absolutely critical advocates and scientists for their patients.”

The Osmind EHR platform is tailored for mental health clinicians including psychiatrists and other specialties. Clinicians are also part of the Osmind research program, which works with leading scientists to conduct clinical trials and analyze anonymized, aggregated real-world information to advance new diagnostics, therapeutics, and precision medicine approaches, the release states.

In March, The Journal of Affective Disorders published the results of research by the Stanford University School of Medicine and Osmind that found that 53.6% of people treated with ketamine intravenous therapy (KIT) demonstrated “a robust and durable antidepressant response” 14 to 31 days after a series of 4 to 8 infusions administered over 7 to 28 days.

The study also found that 73% of patients with suicidal ideation experienced a reduction in symptoms. Osmind claims the study is the largest of KIT real-world data, in the news release.

Osmind also has research partnerships with the psychedelic treatment training and research group Fluence and the advocacy group Ketamine Taskforce for Access to Safe Care and Insurance Coverage.

San Francisco-based venture capital and private equity firm DFJ Growth led the round. Justin Kao, partner at DFJ Growth and the co-founder of population genomics and viral surveillance startup Helix, will join the Osmind board of directors. New investors Susa Ventures, Lachy Groom, Brent Saunders, Helena Goodman and Ariel Katz.

Existing investors General Catalyst, Future Ventures, Tiger Global, and Pear VC also joined the round, according to the release.

“The renaissance happening in psychiatric treatment today is astounding,” Kao said in the release. “To see neurology, pharmacology, and physiology all advancing at the same time gives me great hope that we’re at the start of a major transformation for psychiatric conditions that are some of the most deadly and disabling in the world.”

Digital mental health startups have garnered investor attention over the last few years. In 2021 digital behavioral health companies raised $5.1 billion, according to a Rock Health report.