 "Hindujas-backed MindMaze secures $105 mn funding led by Concord Health")
Hindujas-backed digital neuro-therapeutics solutions provider MindMaze on Thursday said it has secured a USD 105 million (over Rs 785 crore) financing led by Concord Health Partners, a US-based healthcare private equity firm.
The round also witnessed participation from London-based Hambro Perks and other family office investment groups, the company said in a statement without disclosing their identity.
MindMaze said AlbaCore Capital Group, one of Europe's leading specialist investors focusing on public and private markets, is also building on its existing investment in the company as a reflection of their continued commitment in it.
The financing round provides immediate access to funds, and a financing facility to fund growth and future acquisitions, the company said, adding the funding would also help accelerate global commercial growth plans, enhance ongoing R&D and consolidate the clinical development pipeline of its digital therapeutic solutions for a wide spectrum of neurological diseases.
MindMaze Founder and CEO Tej Tadi said, "This funding allows us to ramp up commercial activity and expand our footprint in the US, as well as gain access to strategic partners as we continue to deploy solutions across the continuum of care globally."
Commenting on the investment in MindMaze, Ajay P Hinduja, member of the third generation of the Hinduja family, said the company'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," he added.
Concord Founder & Managing Partner James Olsen said MindMaze has developed the leading technology and approach to digital therapeutics for neuro-rehabilitation and restoration, providing clear benefits to patients, providers and payers.
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"We believe this notable advancement in treatment and therapy will meaningfully improve brain health and recovery for a wide range of conditions," he said, adding Concord would support MindMaze in clinical and commercial expansion in the US market.
MindMaze further said as a result of Concord's investment, it will initiate a partnership with the American Hospital Association (AHA).
AHA serves as the national advocate for its provider member organisations, including nearly 90 per cent of US hospitals, health systems and other health care organizations as well as 3 lakh executives from health care organisations in the field, the company added.
AHA Senior Vice President, Business Development Doug Shaw said, "...MindMaze will enable our hospitals, health care systems and other providers of care to offer new, innovative solutions to help treat their patients."
MindMaze said with over 10 clinical trials underway across 8 indications, it expects to have at least three new prescription digital therapeutic solutions for chronic stroke, Parkinson's disease, and aging/MCI (mild cognitive impairment) in the next few years.
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