Funding Alert
Inside PsyMed Ventures’ New $25M Fund For Psychedelics And Mental Health Startups
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BySaksham Daga | January 10, 2022
It began as a common interest in podcasts with the science of mental health, psychedelics, and like-minded people, and culminated in venture companies focused on promoting new approaches to mental health treatment. .. PsyMed Ventures, based in San Francisco’s, founded in 2020 by Dina Burkitbayeva, Greg Kubin and Matias Serebrinsky, announced a new $ 25 million investment trust on Friday. Money goes to early-stage startups, especially those working on psychedelics to help treat mental illness. The fund will also invest in start-ups working on neurotechnology, digital health and precision psychology. These are all early but fast-growing technology areas of mental health.
PsyMed has already begun investing in startups, but its founders admit that only about one-third of the $ 25 million is officially secured. The trio expects to reach its funding goals by the end of March and eventually fund 20-25 startups.
PsyMed’s early investments include biotechnology companies Freedom Biosciences and Delix Therapeutics, both working to make new drugs using psychedelics.
Freedom Biosciences was founded by Burkitbayeva and John Krystal, professors of psychiatry at Yale University. Biotechnology companies are working on clinical development of ketamine and psychedelic drugs.
Delix Therapeutics develops therapeutics, including non-hallucinogens known as hallucinogens. In layman’s terms, psychoplastogens are said to help our brains compensate for injuries and illnesses and create new connections between neurons that emit signals back and forth.
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