Hinduja-backed venture MindMaze secures $105 mn financing, led by Concord Health Partners

FPJ Web DeskUpdated: Thursday, February 17, 2022, 08:00 PM IST
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The financing round provides immediate access to funds, and a financing facility to fund growth and future acquisitions, the company said in a press statement./Representative image |

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, 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, it said in a press statement.

AlbaCore Capital Group, one of Europe’s 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 expertise in the sector and a global portfolio of disruptive, highly scalable companies, and several family office investment groups.

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 percent 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 press statement said.

Ajay P Hinduja, member of the third generation of the Hinduja Family, stated, “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,” said Tej Tadi, Founder and CEO of MindMaze.

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.”

Doug Shaw, Senior Vice President, Business Development at the American Hospital Association, said, ”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.”

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.

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