Telemynd Inc., a Maynard, Massachusetts-based behavioral health tech company, has raised $6 million in an equity sale.
The move represents the startup’s first major business move in over three years. Telemynd has not returned a request for comment.
Telemynd’s behavioral health tech offerings are a multi-state telehealth practice and a predictive diagnostic service.
The company’s roots go back to 1987. The predecessor to Telemynd, MYnd Analytics, was formed in 2015.
In July 2019, Telemynd was spun out of MYnd Analytics (Nasdaq: MYND). At that time, MYnd Analytics and the biopharma company Emmaus Life Sciences Inc. merged. The combined company used the Emmaus Life Sciences name and then spun out MYnd Analytics’ cash and assets into the private company Telemynd. The deal effectively made Emmaus Life Sciences a publicly traded company through a reverse acquisition.
Telemynd also filed for a now-defunct $8.4 million IPO in July 2019.
MYnd Analytics’ original service was a predictive analytics platform supporting mental health clinical decision-making. It acquired Arcadian Telepsychiatry Services LLC in November 2017.
Telemynd offers behavioral health providers predictive diagnostic tests. Its Psychiatric EEG Evaluation Registry (PEER) maps the electrical activity of a brain through electrodes placed on the scalp, usually woven into a cap, and advanced analytics to personalize treatment plans.
“Without objective physiologically based clinical evidence to support clinical decisions, treating physicians can only respond to their patients in the best way possible, trial and error of approved and unapproved treatments,” the company states on its website which also claims “significant” and “statistically significant” improvements in the mental health of those who use PEER.
In 2021, it launched MyCare Intensive Support, a program that provides telehealth support for people with passive suicidality, according to Telemynd’s website.
Therapists working for Telemynd work an average of 35 hours a week and have an annual salary of more than $100,000, according to the company website. They also have the flexibility to set their own schedules, get help with billing and administrative tasks and access a virtual network of prescribers.
During the pandemic, Telemynd was able to extend the reach of its program to over 30 million health plan beneficiaries.
Its largest clients are those that provide health benefits to members of the U.S. military and government. These include Tricare, Humana Military and Health Net Federal Services. Other partners listed on the company’s website include Aetna, Horizon Blue Cross Blue Shield of New Jersey, Premera Blue Cross and the managed behavioral health organization Minds & Associates.
Telemynd’s top five interventions address anxiety disorder, adjustment disorder, major depressive disorder, post-traumatic stress disorder and couples therapy, the website states.
The company’s attempts to use data and physiological biomarkers are on the edge of behavioral health tech. A number of companies are seeking to identify biomarkers in a patient’s voice as part of a wider integration of artificial intelligence into the work of practitioners.
These efforts are also part of a value-based care-driven attempt to bring greater objectivity to the practice and business of behavioral health.
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