This week’s Psychedelic Groundbreaker is Osmind. Osmind enables the development and delivery of next-gen mental health treatments like psychedelic medicine. Our mission is to empower clinicians and researchers to bring innovative mental health treatments to patients who need them most. We’ve built the #1 Electronic Health Record software for intensive mental health practices, such as those providing FDA-approved psychedelic medicine like ketamine. Osmind’s team consists of healthcare veterans and software experts (AWS, Kaiser Permanente, etc.) and is backed by General Catalyst, Tiger Global, Future Ventures, Y Combinator, and other top-tier investors.
What’s this article series about? Psychedelic Groundbreakers is a get-to-know-you-style blog series highlighting prominent and groundbreaking companies in the psychedelics industry.
What’s your company vision?
Our vision is to be the go-to software and analytics platform for the development and care delivery of new treatments in neuropsychiatry. Our mission is to empower clinicians and researchers to bring innovative mental health treatments such as legal psychedelic medicine to patients who need it most.
Why was your company started?
We identified a major need to serve treatment-resistant mental health patients, providers, and researchers, especially those leveraging innovative treatments like psychedelic medicine. Mental health providers do not have good software options. Researchers do not have good tools or data insights on how to better develop new treatments. We saw a huge opportunity to bring those things together to help patients who needed it the most.
What’s been the biggest challenge so far?
Focus! There are so many things we can and want to do – build amazing software for providers, contribute to research, help gain insurance coverage for these treatments, etc…. it’s all a balancing act and about prioritizing ruthlessly.
What excites you most?
Innovative mental health treatments such as psychedelic medicine becoming mainstream and moving from underground or third-line treatments to first-line!
Describe your business model in 10 words or less
Software for innovative mental health providers, insights for researchers
What is your biggest lesson learned when raising capital?
Find people you are mission-aligned with, not just business-aligned. It’s really easy to get caught up in the fundraising gamut, but we found that it was important to stay true to our own story and values and not compromise. It’s hard not to take feedback – both positive and constructive – personally from investors, but at the end of the day you know your business best and you can’t let it get to your head!
Did you notice any type of investor differences while raising money?
Psychedelic medicine has certainly attracted a lot of investor attention! It definitely seems like those who are really in it for the mission and long-run did more research into the space, knew how to talk about the clinical outcomes, and overall felt more aligned.
What tips would you give founders entering fundraising?
Fundraising is always a harrowing, hero’s journey!
Organization goes a long way. Think about it like a funnel with conversion rates and line up investor conversations “top of funnel.” Run a tight process and ensure everyone is on the same timeline (i.e. try to time it so that you get multiple term sheets at once). Investors are sheep (no offense to the investors out there) so to the extent you can create leverage and drive FOMO you’ll be more successful. You don’t want your raise to drag out because you use leverage, and of course, it’s a huge distraction to the business!
We’d like to thank Osmind for being a part of the Psychedelic Groundbreaker series. Stay tuned for more profiles on leaders in the psychedelic industry, and click here to learn more about Osmind.
Would you like to participate in this series? Fill out this form and we’ll follow up with a review of your application.
