What We're Doing Today - Current Portfolio
Diabetes is the direct cause of 1.6M deaths & high blood glucose is the cause of 2.2M more death
Diabetes is the direct cause of 1.6M deaths & high blood glucose is the cause of 2.2M more death
Diabetes is the direct cause of 1.6M deaths & high blood glucose is the cause of 2.2M more death
Monj, Inc. ("Monj Health") is digital health company at the intersection of acclaimed international cuisines, the tech hub of Silicon Valley and one of nature’s best outdoor playgrounds. The group of chefs, IT professionals, doctors, nutritionists, food lovers and health enthusiasts leading the company is committed to helping people learn new skills and make little discoveries that help them live a joyful, abundant, and delicious life without limits. Monj Health is a digital health company providing remote, telehealth support from Registered Dieticians (RDNs) along with proprietary programs for diabetes, cardiovascular rehabilitation, and other conditions. Having had over 182,000 patients use portions of its platform, the company is uniquely positioned to hypergrowth in helping patients overcome health conditions where nutrition and mindfulness are critical to healing. Backed by various angel investors and founders.
The Largest and Most Expensive Health Condition & the Leading Cause of Preventable Death
Diabetes is the direct cause of 1.6M deaths & high blood glucose is the cause of 2.2M more death
Diabetes is the direct cause of 1.6M deaths & high blood glucose is the cause of 2.2M more death
Bennufit™ Health, Inc. (“Bennufit™”) is a digital health company that operates a clinical analytics platform focused on solving the dueling health crises of chronic pain and opioid use disorder (OUD). The platform collects data and delivers reports to clinicians to improve outcomes. By assessing behavioral, lifestyle, environmental, demographic, genetic, wearable, medical device, and laboratory data, Bennufit™ delivers understandable and actionable information to better understand, diagnose, and treat the world’s most prevalent and expensive health condition – unresolved pain. The company is co-founded by Profound Ventures partners. Start-Up Funded with $500,000 from Profound Ventures
Providing the "Intel Inside" for Neuromodulation to Improve Clarity of Data Unlocking the Brain
Diabetes is the direct cause of 1.6M deaths & high blood glucose is the cause of 2.2M more death
Providing at-home rehab & data analysis for stroke recovery - 5th leading cause of death in the US
Neuraura Biotech, Inc. ("Neuraura") is a next-generation unique brain sensor and data platform that is born out of decades of neuroscience research at the Hotchkiss Brain Institute, coupled with leading manufacturing practices from the semiconductor industry that
allows illumination of the electrical workings of the brain in a way that has been impossible until now. This platform allows neuromodulation technologies to realize expanded usage through better quality data, analytics, and personalized treatments. Neuraura’s current advantage is its microsensor technology where electrodes have tiny 3 dimensional structures, each one touching 5 neurons, compared to ECOG where each electrode is in contact with roughly 40,000 neurons. Thus, this platform produces data that is 3x cleaner that the current standard, providing 100% seizure detection in clinical trials so far, and detection of high frequency oscillations and bio-markers. The company has research collaborations with Harvard University, the Massachusetts Institute of Technology and the University of Melbourne.
Backed by $3M in funding, 50% of it non-dilutive grant funds, from a range of investors in Alberta, Canada.
Providing at-home rehab & data analysis for stroke recovery - 5th leading cause of death in the US
Providing at-home rehab & data analysis for stroke recovery - 5th leading cause of death in the US
Providing at-home rehab & data analysis for stroke recovery - 5th leading cause of death in the US
Flint Rehabilitation Devices ("FlintRehab") is an innovator in the at-home rehabilitation medical device and data analytics market. With two FDA-cleared devices , FlintRehab is helping patients recover from stroke - the 5th leading cause of death in America, as well as other neuro-degenerative conditions. FlintRehab spun out of UC Irvine. Its technology includes the Music Glove, a hand therapy device that is clinically proven to improve hand function in 2 weeks, FitMi, the first home neurorehab device designed for recovery from head to toe, and MiGo platforms. Backed by over $8 million in NIH-grant funding.
Growth of Neurological Disease Cost the U.S. more than $1.5 trillion per year—8.8% of GDP
Providing at-home rehab & data analysis for stroke recovery - 5th leading cause of death in the US
Growth of Neurological Disease Cost the U.S. more than $1.5 trillion per year—8.8% of GDP
The Brain Technology & Innovation Park ("Brain Park") is an ecosystem designed to support the commercialization of innovative device, diagnostic, digital, and therapeutic technologies discovered from the leading neuroscience researchers in the world belonging to the Society of Brain Mapping & Therapeutics (SBMT) and Brain Mapping Foundation. The Brain Park initiative involves: (1) educational programs such as webinars to support new venture creation; an Entrepreneur-in-Residence program; a network of academic centers, investors, entrepreneurs, and service providers; and the annual World Congress of the SBMT.
Solving the "Last Mile" of Human Connection in Digital Health
Providing at-home rehab & data analysis for stroke recovery - 5th leading cause of death in the US
Growth of Neurological Disease Cost the U.S. more than $1.5 trillion per year—8.8% of GDP
Humanize Home Care is a "Stealth Mode" digital health company that when it launches (2H 2021) will provide intelligent, ever-present, high-tech and high-touch home-based health and human services that our clients trust to care for themselves, their family and friends. The Company is co-founded by a surgeon and successful entrepreneur who sold his company to Google Ventures and Oak Capital, an attorney from Burr and Forman in Nashville, and Profound Ventures Partners Brian Meshkin and Khanh Nguyen. Start-Up Funded with $400,000 from Profound Ventures
What We've Done - Former Portfolio
Providing Improved Outcomes at the Intersection of Behavioral Health & Telemedicine Technologies
Revolutionizing the Blood Specimen Collection Experience to Expand Access to Life-Saving Technology
Revolutionizing the Blood Specimen Collection Experience to Expand Access to Life-Saving Technology
ABOUT THE COMPANY: IMCS Group ("IMCS") is the leader in biopsychosocial innovation for the workers’ compensation industry. IMCS has a proven transformative approach to injured workers based on evidence-based evaluation and treatment, its credentialed national network of over 1,000 psychologists and psychiatrists across all 50 states, and its technology platform that allows for tele-health and in-person interactions, outcomes analysis, and real-world evidence to expedite return-to-function and work. IMCS clients include many leading employers and workers compensation insurers, and the company is looking to expand into other payer categories.
WHAT WE DID: We invested and dropped in as the "Chief Strategic Officer" for a year to lead the company in transforming its business by introducing telehealth services. We worked closely with the CEO, founder and senior management to design a strategy, training program, and technology platform. We also conducted research on outcomes data and submitted a peer-reviewed publication to support the platform. By doing so, we positioned the company to seize the opportunity with the Covid-19 Pandemic to shift its business from 10% telehealth to 98% telehealth in less than 12 months.
FUNDING: Previously backed by Centripetal Capital Partners of Stamford, CT, this expansion and repositioning of the Company resulted in an $8M Series B round of financing in July 2020 co-led by HLM Venture Partners and .406 Ventures, and continued participation from Hartford Investment Management Co and Centripetal Capital Partners
Revolutionizing the Blood Specimen Collection Experience to Expand Access to Life-Saving Technology
Revolutionizing the Blood Specimen Collection Experience to Expand Access to Life-Saving Technology
Revolutionizing the Blood Specimen Collection Experience to Expand Access to Life-Saving Technology
ABOUT THE COMPANY: Tasso Inc. ("Tasso") is a medical device company that developed an "easy button" for blood specimen collection. The Tasso OnDemand kit is packaged with all materials needed to successfully collect a sample at home. The kit easily ships via standard post or specialized couriers, and Tasso can even manage your logistics. A few pharmaceutical companies have been using the TASSO-M20 OnDemand device across multiple clinical trials, gathering unprecedented amounts of pharmacokinetic data to inform its research and development efforts. The company's Chairman of the Board contacted us and asked us to get involved to help improve their commercial growth, as the company had not realized any real significant revenues.
WHAT WE DID: We invested and dropped in as the "Chief Strategic Officer" for six months to help the co-founders and Board, as well as the company design a commercial strategy going forward which would involve building a network of clinical laboratories and changing the focus from just a medical device to a "platform" around the Tasso Experience. This strategy allowed the company to then seize the opportunity with the Covid-19 pandemic to work with CLIA-laboratories and hospital laboratories to become a part of laboratory-developed tests (LDTs) and expand revenue. Fred Hutchinson Cancer Research Center is using the TASSO-SST OnDemand devices to test for COVID-19 antibodies in serum as part of their study.
FUNDING: Previously backed by a $6.1 million financing round led by Vertical Venture Partners (“VVP”), with participation from Techstars and Cedars-Sinai, this expansion and innovation resulted in an oversubscribed $17M Series A round in July 2020 led by Hambrecht Ducera Growth Ventures and included participation from Foresite Capital, Merck Global Health Innovation Fund, Vertical Venture Partners, Techstars, and Cedars-Sinai.
Expanding Telehealth Services to Improve the Prevention of Diabetes and launch Covid.MD
Revolutionizing the Blood Specimen Collection Experience to Expand Access to Life-Saving Technology
Expanding Telehealth Services to Improve the Prevention of Diabetes and launch Covid.MD
ABOUT THE COMPANY: Fruit Street Health, a Public Benefit Corporation ("Fruit Street") is a telehealth company initially focused on providing the only live-video-based Diabetes Prevention Program (DPP) private-company approved by the U.S. Centers for Disease Control and Prevention (CDC). Fruit Street has employed a unique physician-investor model whereby they directly solicit targeted physicians to become advisors, collaborators, and investors in the business. With over 300 physicians having invested $17M into the business, the Company had completed pilots with Walgreens and Sharecare and was positioned for growth. However, the Company's revenues were still low ($25,000 in monthly recurring revenue (MRR), and so Fruit Street needed some help to deliver an ROI for its investors and shareholders. With a visionary founder and his charming and talented wife as Chief Marketing Officer, it was an exciting and meaningful challenge to try and address the pandemic's challenges with a company based in Manhattan during quarantine.
WHAT WE DID: We invested and dropped in as Chief Operating Officer for six months to help the senior team improve the operations and position for hyper-growth. We cut costs by 64%, and quadrupled monthly recurring revenue (MRR). We helped establish a testing protocol for Covid-19, and conducted over 1,000 EUA-approved Covid tests in 60 days, across dozens of sites for a professional sports league, along with telehealth support.
FUNDING: Fruit Street have previously raised $17 million in funding over 4 years from over 250 clinicians. During our involvement, Fruit Street was able to raise $5 million in funding over 90 days from over 50 physicians.
Rapidly Aging Population Which Will Account for 25% of the US Population in 15 Years
Reduce the Poverty & Prison Pipeline by Delivering Evidence-Based Behavioral Health Coordinated Care
Expanding Telehealth Services to Improve the Prevention of Diabetes and launch Covid.MD
ABOUT THE COMPANY: BlueStar SeniorTech ("BSST") makes life better for senior veterans and their families by providing them with what they want: freedom, independence, dignity, and choice. BSST’s mission is to help American seniors age in the comfort of their homes: safe, healthy, and connected. The company offers a combination of aging-at-home technologies and services to thousands of customers in all 50 states. BlueStar is veteran-owned, and it is certified by the Veterans Administration as a Service-Disabled Veteran-Owned Small Business (SDVOSB).
WHAT WE DID: We serve as a Board Observer and advised the company on the commercial and financing strategy. We recommended changing the commercial model of sending out postcards and moving to an online lead generation model, as well as a healthcare model involving remote patient monitoring. The financing strategy involved "going public" from direct listing or reverse merger with a Regulation CF or Regulation A financing instrument, as they are not well-suited for a typical angel investment group or venture capital fund. The company was able to bring in a stellar Chief Revenue Officer and get up to $2M in annual revenues and positive EBITDA. They were also able to find a remote patient monitoring partner, and get away from their old commercial model.
FUNDING: The Company was previously backed by founders and credit line through Driehaus Private Equity of Chicago. The Company has ultimately chosen to go down the pathway recommended by Profound Ventures. They are currently raising a $750,000 round of capital through WeFunder, using the SEC Reg CF (https://wefunder.com/bluestar.seniortech).
Helping Reduce the Generational Theft of the Student Loan Crisis in the United States
Reduce the Poverty & Prison Pipeline by Delivering Evidence-Based Behavioral Health Coordinated Care
Reduce the Poverty & Prison Pipeline by Delivering Evidence-Based Behavioral Health Coordinated Care
ABOUT THE COMPANY: Zero Student Debt Initiative, LLC ("Zero") is a fintech mobile app dedicated to allowing student debt holders to "round up" electronic transactions to pay off their students 50% faster. The Company had built its MVP and was looking to raise capital. It had spent a year trying to do so, and contacted us about investment and growth strategies.
WHAT WE DID: We dropped in as a Board member and Chief Business Officer to help the company, (1) Raise institutional capital, (2) Develop a commercial strategy that would lead to hypergrowth, and (3) Advise the founders as "first-time" start-up founders. We were able to help tweak their commercial strategy to focus on a unique B2B distribution channel and gain commitments for the needed institutional round of capital from some of Orange County, California's most respected early stage investors. This also involved bringing in two "superstar" Board members with extensive background in the fintech industry.
FUNDING: The Company had been previously financed by the two founders and their COO. Profound came in and brought them to the UCI Cove Fund II which committed to lead their round of capital and brought in one additional institutional investor, who also provided office space to the company. Despite negotiating the terms of the deal and gaining the commitment during the beginning of the Covid-19 pandemic quarantine in March 2020, the founders decided to walk away from the deal from these marquee institutional investors. Profound always respects founders - as fellow entrepreneurs ourselves - and decided to resign from its involvement with Zero and wish those talented young founders the very best in tackling a very important profound societal problem.
Reduce the Poverty & Prison Pipeline by Delivering Evidence-Based Behavioral Health Coordinated Care
Reduce the Poverty & Prison Pipeline by Delivering Evidence-Based Behavioral Health Coordinated Care
Reduce the Poverty & Prison Pipeline by Delivering Evidence-Based Behavioral Health Coordinated Care
ABOUT THE COMPANY: FidelityEHR ("Fidelity") brings together youth, families, educators, therapists and agencies on a "patient care centric" behavioral health technology platform to deliver clinically-proven improvements in health outcomes. Through evidence-based practices, care coordination, assessments driving the plan of care, and wraparound principles, Fidelity is the first care coordination health platform to undergo a field-based randomized control trial to demonstrate its potential for positive impact on practitioner efficiency, job satisfaction, and efficiency. Initially funded through an NIH SBIR grant in collaboration with the University of Washington’s (UW) Department of Psychiatry and Behavioral Sciences Wraparound Evaluation and Research Team (WERT).
WHAT WE DID: We dropped in as a Senior Advisor to the two Founders to develop a commercial strategy expansion and raise capital. Due to pandemic, the Founders decided to halt the project 30-days into it due to fears around cash-flow and keeping existing customers. Thus, the project was halted but we were still very bullish on the model and look forward to re-engaging with them in 2021.
FUNDING: Backed by over $2M in angel funding. Due to project halt, Profound did not help raise any additional capital, nor has the company done so.