Jim Tananbaum is well known for his well informed decisions when it comes to investing in healthcare start-ups. He has his MD from Harvard Medical School as well as a MBA from Harvard Business School. He has landed on the Forbes Midas list for the past three years due to his success with healthcare investing, and as CEO of Foresite Capital he has supported the healthcare products and services that have transformed treatment options for many people. In a recent move, Tananbaum and Foresite Capital contributed backing to the Series A round of funding for start up Minstrong Health.
Mindstrong Health is a company that proposes a way to fill a gap in the healthcare landscape. In a report by Market Wired, Mindstrong founders saw that there was a lack of objective data available regarding mental health patients. They paired this observation with the idea that Smartphones are becoming more and more possible. Why not use the Smartphone as a device that collects data? The innovative leaders at Mindstrong actually figured out a way to take the data provided when a person uses their Smartphone, related to swipes and typing style, and translate that into data about mental health.
In an interview by Ideamensch, Jim Tananbaum said that he has recognized that the product has potential. He confirmed that there is a great challenge in modern health when it comes to objectively assessing a person;s mental health status. This provides a real roadblock when it comes to diagnosing and treating mental disorders. Other chronic diseases use objective data in order to diagnose and form treatment plans.
When a patient has heart disease or diabetes, for example, a patient and their provider can measure and discuss specific numbers. But with mental health, there was always a gray area of subjective input and unclear measurements. Tananbaum, with his background in medicine, sees great value in Mindstrong’s proposed solution to a global problem. He stated, “Mindstrong’s technology delivers continuous, objective measures of behavior and cognition at a level of resolution and insight that has never been possible.”
In addition to being the CEO of Foresite Capital, Jim Tananbaum serves as the director of California Life Sciences Association. He founded Foresite Capital in 2011.