Sramana Mitra: What is the competitive landscape around you?
Mark Redlus: We’re in a really interesting space. We’re in a convergent space of a bunch of different tech players and competitors. I wouldn’t say we have a direct competitor. I would say we have some really interesting adjacencies. Those adjacencies are folks who are doing pure big data plays that are mining through payor data looking for high-risk individuals. They are firmly backed in the back office.
Then you’ve got folks who are spending more time directing actual treatment or health coaching support through tele-based products and platforms. We sit dead in the middle of that supporting this idea of using big data. That starts at the patient level, aggregating that data up, and moving big mental health mountains in these large systems supporting treatment, and how it’s actually delivered.
Telehealth has a little way to go in the current format to be effective. We support patients where they’re getting care.
Sramana Mitra: When you look around, what are the open problems? If you were starting a new company today, where would you start?
Mark Redlus: The big open problems that we see are integration and frictionless-ness of data. This is not just the traditional sense of, “My record is over here at Johns Hopkins. I can’t see it over here at UPenn.” There’s a lot of people working on that problem. I’m talking about the frictionless-ness of behavioral health data and information back and forth between the rest of the providers supporting that particular patient.
Digital health is a big important level that your clinical health team needs to understand. It defines and captures what’s going on with the whole person. There’re a lot of laws and regulations that impair that. That’s largely due to the fact that we haven’t done a very good job of getting security and protecting data at the level of financial services yet.
The company that can find a way to safely capture and move data back and forth to unleash whole integrated healthcare is a company that would be in a very opportunistic spot.
Sramana Mitra: Is there anything that I should have asked you that I didn’t?
Mark Redlus: Maybe where we came from in terms of how our company came to be.
Sramana Mitra: Absolutely, go for it.
Mark Redlus: We were really a research think tank that was founded around 2001. The company was funded by NIH grants for the first 13 or so years of its life. We continue to have grant work to this day. We’ve been granted $17 million in phase one and phase two. We’ve had about two dozen top-shelf universities and foundation partners that we work on our science with.
We’re not a just a tech company that popped up. We’re probably the wealthiest, oldest, science-based behavioral health company that exists in the sector. We’ve had more than 40 or 50 research publications to support everything that we’ve done. All that establishes the basis for what our tech is built on. We come in. We’ve incredible credibility on how we deliver our products. It’s cool stuff.
In 2014, we took our first outside funding. We’re in the process of closing a Series B. That will create an expansion level where we’re going to get noticed quite a bit for what we’re doing.
Sramana Mitra: Excellent. Thank you for your time.