Elevate Ventures has awarded its first Community Ideation Fund investment in southern Indiana to Total MINDCARE of New Albany. The online mental health company says the funding will be used in part to attract initial customers.
“Our purpose is to reduce the suffering of those with mental illness through a one-stop solution that combines AI, digital therapies, community support, personalized medicine and a coordinated human care team,” Total MINDCARE founder and Chief Executive Officer Timothy Ramsey says.
Ramsey says the company will also use the investment to help attract validation of the concept from an investor.
The Community Ideation Fund was launched in 2018 and enables high-potential companies to move closer to specific technology or product development with an investment of $5,000-$20,000. Eligible applicants are Indiana-based companies with headquarters in locations where Elevate Ventures has partnerships and who have no more than $50,000 in trailing revenue over the past 12 months. Each partnership region has access to up to $200,000 over the next three years through the 21st Century Research and Technology Fund.