Total Brain’s offerings include brain assessments and tracking, screeners for common mental health conditions, and personalized self-care and stress-relief programs. The company was previously listed on the Australian Stock Exchange, and has gone private with the acquisition.
SonderMind matches patients with local and in-network therapists and helps them set up in-person or virtual appointments. The company is pitching the deal as a way to help their therapists monitor outcomes from their care, provide enterprise customers with population health reporting and offer a more comprehensive product to insurers and health systems.
“Today, your coffee shop app has more information about you to deliver personalized service than the first time you see your therapist,” Mark Frank, cofounder and CEO of SonderMind, said in a statement.
“Building on the foundation of the high-quality therapy SonderMind clinicians are delivering today, Total Brain will help us change this status quo. We can help individuals get better, faster by leveraging their science-informed application to allow people to better understand their mental and emotional state, as well as engage with SonderMind to address those needs through both digital and therapeutic methods.”
THE LARGER TREND
The Denver-based company was founded in 2014 and most recently raised $150 million in Series C funding, bringing its total raise to $183 million. SonderMind planned to use its recent fundraises to expand geographically. The company’s services are now available in 15 states and Washington, D.C.
The Total Brain deal marks another acquisition for SonderMind. In October last year it announced it had purchased Qntfy, a predictive-analytics platform that uses mental health biometric data to suggest potential treatment options.
Digital health investment has significantly dipped in 2022 compared with last year, but mental health continues to be a leading therapeutic area for funding. A report by Silicon Valley Bank found that median deal sizes and valuations have increased for mental health companies, even as investment slowed.
Still, there are a number of competitors in the digital mental health space, including companies like Calm, Headspace Health and Teladoc Health, with its mental health offerings, including BetterHelp.