BALTIMORE, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Rose Health, a Baltimore-based mental health technology startup, announced that its $1.5M seed round of funding has been extended and is oversubscribed as a result of recent success and overwhelming interest from investors. Prior to this offering, Rose had previously raised $450,000 from friends and family and was 1 of 5 companies nationwide admitted to the prestigious Johns Hopkins’ Hexcite Accelerator program, as well as the highly regarded Halcyon House in DC where they were 1 of 8 companies selected out of over 500 applicants across more than 100 different countries. The company anticipates using seed funds to support marketing and sales efforts, as well as the expansion into new verticals and development of complementary service offerings.
At the core of Rose Health is the company’s mental health patient monitoring app and provider dashboard, which uses patented AI and Natural Language Processing to detect markers in speech and emotion to help assess a user’s mood and identify early warning signs of depression and mood disorder conditions. The platform produces a Rose score, a patient’s mental health credit score, based on the user’s input into the app.
By incorporating deep technology, Rose is able to look for the key indicators in questionnaire answers and journal entries provided by users, which show warning markers for the presence and advancement of symptoms, including anxiety, depression, self-harm and suicide. Providers receive a dashboard to monitor users’ well-being and alert them to any changes, allowing them to provide appropriate care in between office visits.
"The need for comprehensive mental health care resources and building resiliency remains a critical health priority. Doctors across the country are reporting surges in mental health issues as a result of COVID-19,” said CEO and founder Kavi Misri. “We have received glowing feedback from clinicians on how Rose has significantly helped them better care for and monitor their patient’s mental health in between visits, resulting in improved patient outcomes. Our success has been covered in national media and earned us the attention of the investor community. We look forward to using the additional funds to continue to grow and help patients get the best mental health care possible.”
Currently, 80% of capital committed in the current round are from strategic investors which demonstrates the industry’s confidence in Rose’s upcoming growth and scale. The funds from this seed round will also be used to support new initiatives and the launch of new offerings, including a concierge employer benefit program that will provide employers the opportunity to offer Rose Health to their employees. Rose Health is also in the early stages of creating a child and adolescence program to address the growing need to provide comprehensive mental health support to this audience.
ABOUT ROSE HEALTH:
Rose Health is a comprehensive technology solution that provides a HIPAA-compliant mental health monitoring platform based on clinical trials and research by Johns Hopkins University. The Rose Health platform is powered by patented artificial intelligence (AI) and Natural Language Processing (NLP) technology, which enables it to identify key indicators and warning markers for the presence and/or advancement of mental health symptoms in a user’s responses to questions and prompts. Rose offers a mobile app for the 43 million Americans experiencing mental illnesses and an artificial intelligence-powered tool for health care providers to monitor and support their patients. (rosehealth.com)