Local behavioral healthcare service provider Praestan Health has raised $12m to fund software product development.
Formed in 2017 and spun out from PrarieCare, the company began as a healthcare services provider inside primary clinics, but has since expanded into the business of tech by “building a navigation system,” CEO Read Sulik said in an paywalled Minneapolis-St.Paul Business Journal article:
“Praestan’s clinics-within-clinics continue to serve as “living laboratories” for the startup, though much of the company’s focus today is on software that it will sell to health care providers, insurers and employers, Sulik said. Features of that technology include tools for screening, assessing and tracking patients with behavioral-health conditions. The company’s technology also integrates with electronic medical records systems and helps doctors and behavioral-health care providers coordinate care.”
While currently in the testing stage, Sulik’s says the goals is to have the software fully developed and released later this year; Praestan currently has 22 employees and generates over $2m in annual revenue per the report.
As Praestan transitions into the massive market for digital solutions to America’s behavioral health issues, they’ll find local tech peers such as Learn To Live, which is backed by BCBS, a relative Minnesota newcomer from Australia called Medibio, Breezynotes and Empathic — each with their own twist on the booming business of mental health.