Digital behavioral health platform CredibleMind has raised $7.5 million in a Series A funding round, the company announced Tuesday.
The financing round was led by Horizon Mutual Holdings, which is part of Horizon Foundations for New Jersey.
“CredibleMind has pioneered an accessible, smarter entry point for members seeking mental health and wellbeing support,” Suzanne Kunis, CEO of NovaWell, Horizon Mutual Holdings’ behavioral health solutions company, said in a statement.
Founded in 2018, Sausalito, California-based CredibleMind contracts with health plans, public health departments, health systems and employers, for which it provides online resources regarding mental health. For example, CredibleMind has partnered with Blue Shield of California to provide an online portal regarding mental health concerns that is accessible to patients enrolled with the insurer.
The platform is billed as able to provide risk assessment and early case identification for members.
“CredibleMind’s unique platform scans, organizes and AI-personalizes tens of thousands of expert-curated resources across over one hundred mental health topics,” the announcement read.
The company stated that it would use the funding to accelerate growth in its health plan and public health partnerships. The funding will also go toward a data engine that uses artificial intelligence to improve resource curation.
In addition to the $7.5 million, CredibleMind had prior seed funding rounds, where it raised at least $2.4 million, according to Pitchbook. Prior investors included Evolve Ventures.
Deryk Van Brunt and Marcos Athanasoulis co-founded Credible Mind. Van Brunt, the company CEO, is also CEO of the nonprofit Health Communities Foundation and teaches health informatics at the University of California, Berkeley.
Van Brunt has described CredibleMind as a cost-effective way to address communities and health plans need for mental health services.
Athanasoulis, CredibleMind’s chief technology officer, was previously vice-president of technology at Conduent, a digital platform that businesses use for issues such as medical billing.