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Amae Health, Innovative Treatment Provider for Severe Mental Illness, Announces Closing of Oversubscribed $15 Million Series A Funding Round

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New Capital will be Used to Expand to New Sites and Invest In Precision Medicine Platform

SAN FRANCISCO, April 26, 2024-- Amae Health, a trailblazer in delivering patient-centered care for people with severe mental illness, announced today the successful closing of its oversubscribed $15 million Series A funding round. The round was led by Quiet Capital and included a significant investment from Healthier Capital, founded by Amir Dan Rubin, the former CEO of One Medical. Other investors in the round included Baszucki Group, Index Ventures Managing Partner Mike Volpi, and all of Amae Health's original seed investors - Bling Capital, 8VC, Virtue and Able Partners. Amae Health will use the new capital to fuel its mission to revolutionize care for severe mental illness (SMI) through its innovative, psychiatry-led model.

Severe mental illness is defined as a mental, behavioral, or emotional disorder resulting in serious functional impairment, which substantially interferes with or limits one or more major life activities. According to the National Institute of Health, there are an estimated 14.1 million adults aged 18 or older in the United States with SMI, while annual deaths by suicide and drug overdose in the United States have also increased 322% since 2001.

Amae Health is a value-based care provider specializing in severe mental illness, providing integrated long-term care and delivering transformative change in the lives of those with SMI. The company's commitment to innovation has significantly improved patient care and outcomes, demonstrated by its rapidly expanding customer base and strategic partnerships with leading healthcare providers and insurers. By engaging in these value-based care partnerships, Amae Health's innovative model not only improves patient outcomes, but also aligns incentives and drives lasting impact in a cost-effective manner.

Amae Health's inaugural clinic in Los Angeles demonstrates has significantly outperformed the general standard of care across several key metrics, including a notable reduction of 30-day emergency room readmissions, and over 85% medication adherence compared to an industry average of 53%. Additionally, Amae Health has an 80% retention rate, showcasing the effectiveness of patient engagement and treatment adherence. Amae Health's care model includes a phased approach to care, tailored to each patient's needs, building a lifelong partnership with patients to manage their condition.

Amae Health is also going to be working on several research collaborations to advance the knowledge of treatment for severe mental illness, including an upcoming study with UCLA and Apple on Digital Sensing for SMI Patients. Amae Health is also working on a ketogenic study for the SMI population in collaboration with the Baszucki Group to further explore the benefits of metabolic psychiatry. Amae Health also announced that they will leverage Palantir to develop a precision medicine platform to advance the field of psychiatry as a whole.

"Amae Health is working to change the paradigm of care for people who have severe mental illness. Our psychiatry-led approach recognizes the unique needs of our patients and provides personalized treatment across behavioral medicine, primary care, and social health to help our patients and families stabilize, prosper, and prevent future adverse events," said Sonia Garcia, co-founder and Chief Product Officer.

"The successful closing of our Series A is a major milestone and vote of confidence from the investment and health care communities. We are poised for significant growth and development of our data platform to improve patient outcomes and serve as a leading model for tailored integrated care." Garcia added.

Amae Health is deeply personal for its co-founders, Stas Sokolin and Sonia Garcia. Sonia lost her father to suicide when she was 16 and served as a caregiver for her brother, who battles with schizoaffective and bipolar disorder. Both Stas' father and sister also battle with bipolar disorder.

"Severe mental illness is a chronic condition requiring lifelong, adaptive care. By focusing on the individual as a whole person and addressing their long-term needs, we create lasting change for our members. As a long-term care provider, we have built the infrastructure to be a research organization, driving the field of psychiatry forward. In the coming months, we will be launching several groundbreaking research trials to further advance the understanding and treatment of SMI," said Stas Sokolin, co-founder and CEO.

"Amae Health has developed a solution for SMI that improves patient outcomes and experience and significantly reduces costs for payers and hospital systems. Amae's first clinic has shown incredible results and we're excited for the potential to scale to hundreds of thousands of patients. We are incredibly proud to have led the company's Series A and support this meaningful mission," said David Greenbaum, Partner at Quiet Capital.

"Even as severe mental illness challenges our society, we lack modernized approaches to coordinated care – Amae Health delivers such a model with breakthrough performance in outcomes. I am thrilled to be part of this extraordinary team at this critical moment to make a transformational impact in the treatment of severe mental illness," said Amir Dan Rubin, CEO and Managing Partner at Healthier Capital.

Through the integration of clinical services, support services, and a data-driven approach, Amae Health is setting a new benchmark in SMI care, positioning itself as a leader in the field and paving the way for scalable, effective treatment solutions in one of healthcare's most challenging areas.

About Amae Health

Amae Health is a leading innovator in mental health care, committed to improving the treatment and care of severe mental illnesses through a value-based, psychiatry-led model. By integrating comprehensive care teams and leveraging cutting-edge technology, Amae Health aims to deliver transformational outcomes for patients and create a new standard for mental health care.

Contact:
Media Contact:
Josh Vlasto
josh@joshvlasto.com

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