September 2, 2020
Digital health company Mobio Interactive (MI) has closed a $1.8 million USD Seed. Funds will advance the deep tech and clinical validation of Am Mindfulness ("Am"), which was the first and currently only meditation app to outperform placebo in randomised controlled trials. Also, unique to Am is the ability for app users to quantify their stress through an easy-to-use proprietary computer vision and machine learning tool (described here). When done before and after meditation training, the AI tool provides an objective assessment of which content is personally most effective for reducing stress. The resulting content recommendations then ensure that the practice of meditation is optimised for efficacy, at the level of each individual user.
Am is available for download from the app stores, and premium access can be purchased through subscriptions. In addition, several health insurers are also now providing Am to their policyholders as a form of scientifically validated and data-rich preventative medicine. While Am is also often used in the clinic and recommended by physicians around the world, the look and feel of the app focuses on enhancing human performance. MI's CEO and Neuroscientist, Dr. Bechara Saab summarises the company's philosophy, "No one - not me, not you, not anyone, anywhere - can be at their optimal performance 100% of the time. This fact is no different in the context of disease. Therefore, while Am has specific content for cancer patients and specific tools for people negatively affected by the pandemic, the focus of Am remains on better living for everyone. Even if you don't have cancer or depression or some other diagnosable illness, there are improvement to be made. It's the difference between then and now that truly matters. Am therefore focuses on personal growth, those personal improvements according to our own personal definitions. In this way, Am strives to be a universal tool for everyone. We are in the business of making this app, this digital therapeutic, the most effective form of psychotherapy anywhere."
MI's Seed raise was led by the Singapore-based Verge HealthTech Fund along with Atlas Asset Management, Creative Ventures and VC giant SOSV. Dr. Mocanu, Founder and General Partner of the Verge Healthtech Fund explained "Digital therapeutics like Am offer incredible possibilities for delivering efficient, scalable and efficacious healthcare throughout Asia, and we are committed to helping MI in their global expansion."
Hendrik Chassé, Director of Atlas Asset Management's recently established Wellness Portfolio justified the investment by saying he views "Mobio Interactive as a cornerstone investment for the mental wellness pillar of the portfolio, given how easy it is to imagine Am Mindfulness, and its underlying technologies, benefitting the entire group through synergistic integration."
Dr Oscar Ramos, Partner of SOSV commented, "Mobio Interactive's team have shown they have the drive and experience to bring scientifically validated digital therapeutics to the mental health space. It is rewarding to witness them continue to nourish and profit from synergistic relationships within Big Pharma and Health Insurance."
Kulika Chomvong, Senior Associate at Creative Ventures indicated she has "high hopes" for their exploratory investment in the company, and "if things go well are looking forward to backing Mobio Interactive and the app Am Mindfulness until it reaches billions of people around the world."
Of the raise, Dr. Saab remarked "this is the gasoline we need to build our team and meet the growing global demand for our digital therapeutic Am Mindfulness". Dr Saab, also a former Principal Investigator at the Zurich Psychiatric Hospital, went on to indicate that key hires are planned within clinical research, deep tech, product development and customer relations for MI's partnerships in pharma and insurance. "The focus now, is defining and establishing that core select group of people that can take this company to the next level as we strive towards our mission of effective and accessible healthcare for every human."
ABOUT MOBIO INTERACTIVE
Mobio Interactive (MI) is a digital therapeutics company that develops and commercialises clinically validated and objectively quantified software to prevent, measure and treat mental illness.
ABOUT AM MINDFULNESS
Am Mindfulness is a clinically validated digital therapeutic that uses remote, objective and scalable measurements of mental health to personalise resilience training. Am is currently available in English, Mandarin, Dutch and German.
ABOUT VERGE HEALTHTECH FUND
Founded by Dr. Joseph Mocanu, Verge HealthTech Fund is the world's first seed stage venture capital fund that invests globally in solutions that expand healthcare access, quality and efficiency across emerging Asia.