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Nurosene (CSE: MEND) (OTC: MNNDF) is providing tools and technology to empower people to take ownership of their mental health. Using cutting edge AI, and implementing a scientifically guided mix of brain activities, they are bringing better brain health to everyone. Their CEO, Ranj Bath, puts it best, “At Nurosene, we are on a mission to democratize mental health and empower our community of people around the world with access to tools typically found only in a clinical setting that will help to improve mental well-being.” This is an exciting mental health tech play; with cash on hand from their recent IPO, an acquisition of leading AI and quantum computing company Netramark, celebrity endorsements, powerful Mental Health Council including Olympian Michael Phelps, and massive market potential, we are looking at Nurosene to disrupt the entire space.
Huge Opportunity – It is estimated that roughly 10% of the world’s population is affected by some kind of mental health issue. The opportunity for Nurosene lies in the percentage of people who don’t receive help (between 75%-85%) due to cost, stigma, or accessibility. Using their advanced technology and marketing strategy, they will be able to capitalize on that underserved population.
Growing Market – The global mobile health app market size is expected to reach $149.3 billion by 2028 and is projected to reach a CAGR of 17.7%. Nurosene is well positioned to helping solve an important problem by delivering mental performance support via their Nuro app.
Strong Team – Nurosene is carried by team of highly skilled professionals as well as guided by a strong team of advisors and board members and executives, including the Former Head of E-Commerce at Apple and the Former Director of the Italian Medicines Agency (AIFA).
Room to Grow – Though they initially sought to raise between $5-$8 million, the IPO was oversubscribed, and Nurosene was able to raise $9.2 million total. “The reason that we really IPO’d is to give us more access to capital,” CEO Ranj Bath told the publication BetaKit. “It gives us that room to grow, and [allows us] to leverage public money for things like to start building M&A, which is going to be an aggressive push for us.”
Nurosene (CSE: MEND) (OTC: MNNDF) was founded in 2019 and launched in 2020 by Daniel Gallucci, a 20 year veteran functional neurologist and researcher who specializes in working with high performance professional and amateur athletes, as well as patients with complex neurological conditions. His vision to democratize mental wellness via mobile application–while not necessarily new–is proving to be a disruptive force in the industry. Only a year after its inception, Nurosene IPO’d on the CSE for $9.2 million; an oversubscription more than one million dollars above the high point of their proposed range. It’s clear to us that Nurosene has legs.
Nurosene’s approach to mental health is different from the majority of their competitors. Rather than focusing on just one part of brain health, for example meditation (Calm), they are tackling the problem from multiple angles. Nurosene calls it their 4×4 approach; they focus on encouraging 4 actionable strategies: (movement, brain, nutrition, and recovery) with solutions aimed at targeting 4 parts of the human body. This approach was developed and validated through decades of clinical experience and research by the Co-Founder himself, Daniel Gallucci.
This is where the Nuro app’s functionality comes into play. Everyday users will be able to download the Android/iOS app for free, as accessibility is fundamental to Nurosene’s mission, while there will be a premium SaaS model for recreational and professional athletes. Revenue will be generated through mobile app subscriptions and B2B sales.
Upon downloading the app, users will be able to choose programs and activities designed to stimulate the brain. They are focused on implemented, cutting edge AI that will monitor vital stats via wearable devices, eye movement, and input tracking. Machine learning will enable the app to create more personalized programs, show progress, and recommend supplementation to further enhance brain health.
This holistic approach to brain health is truly disruptive.
No other mental health app is doing things quite like Nurosene. The guidance of their founders is evident in the mission to both bring mental health to everyone, as well as the blended approach to solving the actual problem. Other app-based companies like Headspace have raised an excess of $150 million dollars since their launch, but remain focused on one avenue of addressing brain health. Additionally, their subscription models greatly limit accessibility for the layman, and by not integrating multiple layers of diagnostics and tools for increasing well-being they’re leaving money on the table.
Nurosene has devised a way to address mental health in a unique way, while helping underserved populations, and still bringing value to their shareholders.
The day we stop talking about how 2020 wrecked our health mentally, physically, and emotionally can’t come quickly enough. Unfortunately, it isn’t here yet. Fortunately for Nurosene, the train-wreck that was 2020 has created a great opportunity to help the multitudes of people experiencing the negative effects of such a stressful year.
The 30% increase in the number of adults reporting symptoms of depression/anxiety represents just how quickly mental health can shift in stressful situations. Nurosene’s strategy of positioning themselves as a holistic, accessible option for brain health will help capture this new percentage of the population, and keep them for the long-run as they experience the benefits of improved mental health. Coming out of the pandemic, there is a new awareness of how important a person’s mental state is, and we think Nurosene can capitalize on that trend.
Nurosene recently acquired leading AI and quantum computing company Netramark. Netramark is a pharmatech company that utilizes AI and novel mathematical methods and quantum computing to optimize the path to new drug development, accelerate clinical trials, and redefine the landscape of how disorders are treated. Co-Founder, Dr. Joseph Geraci PhD, created a novel paradigm of machine intelligence that is capable of providing extraordinary insights into complex data sets, like those found in clinical trials. This technology, known as NetraAI, was created to help medical scientists not only understand the underlying causes of disease, but to also redefine the way we think about and classify disease.
Netramark’s marquis technology NetraAI will power the Nuro app to help Nurosene dig deeper into the data.
Another factor to consider vis-a-vis athlete endorsements, is how prominent athlete mental health currently is in the media. Champion tennis player Naomi Osaka recently pulled out of Wimbledon, citing mental health as a critical reason for skipping press. Athletes around the world lauded Osaka for her strength and courage, as she highlighted an issue that had largely remained unaddressed. We think that Nurosene is primed to take advantage of the dialogue, and position themselves as a potential solution for the stressors of being a professional athlete.
With celebrity endorsements from Michael Phelps and James Van Riemsdyk we are seeing the trend of more and more coming onboard to support these powerful initiatives. Mental health is a subject that is affecting so many people.
Nurosene has come a long way in just one year. From the initial founding in 2020, to an oversubscribed IPO in 2021, their progress so far is nothing to sneeze at. Their aggressive launch strategy has resulted in the launch of their Nuro App and entering into a proposed acquisition of AI company Netramark; a great opening volley into a growing market valued at hundreds of billions of dollars.
With hopefully high-level endorsements coming, Nurosene is well-positioned to execute on their mission of democratizing mental health and wellness. If you’re looking for a chance to get in at the beginning of a quickly growing mental health app company, you’ve found it. Don’t wait too long though; based on their pace of play, we see Nurosene taking off sooner than later.
Chief Executive Officer and Director
Inspirational leader with 20 years of experience in various senior-level marketing and branding roles. Previously, VP Corporate Strategy at Beats Music, where he worked with the brand through a $3B acquisition by Apple. Avid investor and advisor across a number of health, wellness and technology companies, including being an early stage investor in Bulletproof and Classpass.
Chief Innovation Officer and Director
Trained functional neurologist, osteopath, exercise physiologist, and exercise scientist, with experience working in-clinic with top athletes. Daniel has completed fellowships in Traumatic Brain Injury, Vestibular Dysfunction and Rehabilitation, Developmental Disorders, and Neurochemistry. He is currently researching multimodal neuroimaging, digital phenotyping, and their impact on health and performance.
Chief Science Officer
Dr Joseph Geraci, PhD is a mathematician, medical scientist, and quantum machine learning specialist. He holds postdocs in machine learning, oncology and neuropsychiatry. He has developed novel machine intelligence algorithms that are capable of providing extraordinary insights into complex data sets, like those found in clinical trials.
He is associated with the department of Molecular Medicine and Pathology at Queen’s University in Ontario, Canada, and the Centre for Biotechnology and Genomics Medicine Medical College of Georgia, USA.
Chief Financial Officer
Finance professional with hands-on experience in operational and corporate finances. He began his career with Ernst and Young (EY) Toronto as part of the assurance practice, serving publicly listed companies and financial institutions. He most recently held finance leadership roles in companies within the cannabis industry, including the transition to legalization, public offerings, consolidation, and financial reporting. CPA, CA.