The Hinduja supported MindMaze, a global pioneer in the multibillion-dollar digital neurotherapeutics market, today announced it has secured a $105 million financing round to accelerate its global commercial growth plans, supercharge ongoing R&D and consolidate the clinical development pipeline of its industry- defining digital therapeutic solutions for a wide spectrum of neurological diseases.
The financing round provides immediate access to funds, and a financing facility to fund growth and future acquisitions. The financing was led by Concord Health Partners (“Concord”), a US-based healthcare private equity firm focused on investing in and supporting healthcare companies with innovative technologies and solutions that address quality, cost and access to care along with other investors. AlbaCore Capital Group, one of Europe’s leading specialist investors focusing on public and private markets, are building on their existing investment as a reflection of their continued commitment to the Company. This round also included participation from London-based Hambro Perks, an investor with deep expertise in the sector and a global portfolio of disruptive, highly scalable companies, and several family office investment groups. Furthermore, as a result of Concord’s investment, MindMaze will initiate a partnership with The American Hospital Association (“AHA”). The AHA is committed to the advancement of innovative healthcare solutions and serves as the national advocate for its provider member organizations, including nearly 90% of US hospitals, health systems and other health care organizations as well as 300,000 executives from health care organizations in the field.
The Hinduja backed MindMaze is ushering in a new era of medicine through novel tech-enabled protocolized software and hardware peripherals to address serious cognitive and movement deficits. The funding announcement underscores the Company’s position as a pioneer in digital neurotherapeutics on the heels of a tremendous milestone for reimbursement with Category III codes for asynchronous care. The Company is poised to change the care paradigm for millions of patients and caregivers globally. The venture is also backed by Leonardo Dicaprio.
Mr. Ajay P. Hinduja, member of the 3rd Generation of the Hinduja Family, stated, “We believe in empowering technologies that can lead to global transformation, and MindMaze’s brain technology platform will deliver breakthrough solutions that will redefine brain health and have a global impact. We are entirely devoted to assisting the company’s success in the coming years and bring sustainable, transformational technology to the healthcare sector in all global markets including India.”
“This funding allows us to ramp up commercial activity and expand our footprint in the U.S, as well as gain access to strategic partners as we continue to deploy solutions across the continuum of care globally,” said Tej Tadi, Founder and CEO of MindMaze. “MindMaze has been at the frontier of brain tech since its inception, and we’ve been an essential part of the incredible advancements over the last decade across brain sensing, motion capture, mixed reality platforms, new architectures for brain inspired computing and machine learning/AI. We are thrilled that our incredibly supportive partners at AlbaCore will be increasing their investment in MindMaze and pleased that important strategic growth investors, such as Concord Health Partners and the larger investment community, see the broad- reaching potential of our digital neurotherapeutics platform as we continue to accelerate humanity’s ability to recover, learn, and adapt.”
James Olsen, Founder & Managing Partner at Concord, stated, “MindMaze has developed the leading technology and approach to digital therapeutics for neuro-rehabilitation and restoration, providing clear benefits to patients, providers and payors. We believe this notable advancement in treatment and therapy will meaningfully improve brain health and recovery for a wide range of conditions. We are thrilled to partner with Tej and the MindMaze team to build on its impressive track record and to support clinical and commercial expansion in the US market.”
”The AHA is excited to join initiatives to promote and advance the delivery of digital therapeutic solutions for neurological diseases in accessible settings, and MindMaze will enable our hospitals, health care systems and other providers of care to offer new, innovative solutions to help treat their patients,” noted Doug Shaw, Senior Vice President, Business Development at the American Hospital Association.
Hinduja supported MindMaze is ISO 13485 certified and its product portfolio has received three FDA clearances and four CE marks across multiple clinical indications. Operating in more than twenty countries, the Company delivers seamless digital assessments and therapeutics over the full continuum of care for thousands of patients suffering from neurological conditions. MindMaze is advancing commercialization in the US by expanding its team and footprint in neurorehabilitation centers, and recently received Current Procedural Terminology (CPT®)1 Category III codes for asynchronous care. With this financing in place, the Company also plans to invest in partnerships with pharmaceutical and medical device companies; expand on work with top academic institutions. With over 10 clinical trials underway across 8 indications, the Company expects to have at least three new prescription digital therapeutic solutions for chronic Stroke, Parkinson’s Disease, and aging/MCI in the next few years.