Behavioral health data science and technology company Holmusk raised a $45 million series B financing round.
On Tuesday, the company announced the investment will help scale up its NeuroBlu Database, its flagship product and a real-world behavioral health data source. The deal also comes with a data-sharing agreement.
Veradigm Inc. (NASDAQ: MDRX), formerly Allscripts Healthcare Solutions Inc., led the round. It also intends to contribute behavioral health and related de-identified patient data from Veradigm to the NeuroBlu Database, according to a news release.
The scale of the data to be contributed was not disclosed but was described as “significantly adding to Holmusk’s real-world clinical data asset.”
In February, Holmusk partnered with Metrocare Services, the largest provider of mental health and developmental disability services in North Texas, to develop tools that help improve care outcomes.
“Mental and behavioral health is a serious global health problem that has only increased during and post the COVID-19 pandemic,” Rick Poulton, Veradigm CEO, said in the release. “Holmusk has proven expertise to create the evidence needed to improve mental health.”
Veradigm serves the biopharma, health insurance and health system sectors with several different health tech services.
Current investors including Heritas Capital, Health Catalyst Capital, dRx Capital, and Northwell Holdings also participated in this funding round.
In December 2021, Holmusk raised an undisclosed amount from Northwell Holdings, Optum Ventures, Health Catalyst Capital and Heritas Capital. It announced raising $21.5 million in its Series A in May 2020.
“This investment will enable our team to continue its work in curating and enhancing data as we plan to build the world’s largest platform for behavioral health data,” Nawal Roy, Holmusk founder and CEO, said in the release. “We remain laser-focused on this mission because we know that quality data leads to improved evidence, which leads to better health outcomes.”
Investment in behavioral health tech continues but at a slower clip compared to the historic funding levels in 2021.
Announced Monday, Telehealth company Array Behavioral Care closed a $25 million funding round led by CVS Health Ventures, the investment arm of health care giant CVS Health Corp. (NYSE: CVS).
Behavioral Health Business reported at the end of the year that youth–focused mental health behavioral health tech company Vita Health raised $8.4 million. Serious mental illness (SMI) startup Vanna Health raised $29 million ahead of its official launch.
