Home / SmartTech / Hypnosis for Health? Investors have placed a $ 1.1 million bet on Mindset Health to make it work – TechCrunch

Hypnosis for Health? Investors have placed a $ 1.1 million bet on Mindset Health to make it work – TechCrunch

Chris and Alex Naoumidis came to hypnotherapy through clothes.

How The New York Times Last year, the two brothers reported that they started their careers as start-ups with a peer-to-peer app for sharing clothes for women. The Australian Aborigines, overwhelmed by doubts about their ability to succeed in the startup country, and when apps didn’t work, her father suggested trying hypnotherapy.

These meetings prompted the brothers to found Mindset Health and raise $ 1.1 million from investors such as Fifty Years, YC, Gelt VC, Giant Leap VC, and angel investors in the United States and Australia

There are many supporters for a small round that closed in November 201

9, but it is an indication of the type of betting investors are looking to make in the mental health arena today.

A number of apps have come onto the market to treat the mental disorders that appear to be associated with life in the modern world. There are companies that make it easier to match with therapists, companies that offer mental wellness tools in the form of cognitive behavioral therapies, billion-dollar companies that offer mindfulness and meditation, and companies that offer hypnotherapy.

The hypnotherapy sessions that Alex and his brother attended gave them an idea. “Could we do it like meditation and market it in a way that would be helpful?” Alex Naoumidis told me.

Meditation is a multi-million dollar business with apps like Calm and headspace Collect millions of dollars in risk finance and give them billions of dollars in perceived valuation.

Alex Naoumidis emphasizes that the app is not a therapy – the company cannot set it up according to the applicable regulations. “It’s more of a self-governing tool,” he said. “Help people with fear or [irritable bowel syndrome] Treat these symptoms at home to complement the work they do. “

According to Naoumidis, the goal is to have a number of apps under Mindset that address specific conditions. While it started out as a more general mental wellness app, the company now has Nerva, its IBS-focused product, alongside its general mindset toolkit for mental wellness.

Nerva is not a cheap subscription. There is an upfront payment of $ 99 and then a three month subscription of $ 88. The Mindset subscription service costs $ 11 (retail price in the COVID-19 era), compared to $ 64 when the Times author, Nellie Bowles, first tried the product.

Here’s how she described it:

As a first step, the app suggested that I write a quote to a friend or a tweet to the public “Whoever conquers himself is the most powerful warrior”. For the next 19 minutes, a gentle male voice told me that my mind could slow down. It can turn concerns into decisions. The process can even become second nature. And if it does, I can be a person of action. A person of action.

I did another module, productivity boost, which is voiced by a peppy younger man – a start-up brother right in my ear who asks me to repeat after him: “I give myself permission to know what I am want and what i want do it and make it efficient. “

These mental health apps, or any app, supplement, or wellness-promoting business, will need some clinical trials to support their claims and thinking. You work with doctors on the products. The first mindset app was developed in collaboration with Dr. Michael Japko developed while the IBS app with Dr. Simone Peters was developed.

Both receive a share of the turnover with the company for their work in developing the course of therapy.

The co-founder of the company says he sees unscientific that success comes from service. People report their symptoms themselves at the beginning and end of the program. People who complete the program have 90 percent fewer symptoms (I’m not sure what percentage of registrations complete the program).

“Our idea is to help researchers who develop these amazing programs digitally deliver them,” said Naoumidis. “We worked with the world’s leading researchers to facilitate access.”

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