In 2016, 19-year-old founder of Beacon Health, Shrenik Jain, took home the top prize from the i.Invest National Youth Business Competition with his mobile app designed to help people struggling with mental illness. Since winning the competition and being named the i.Invest 2016 Youth Business of the Year, Jain, Co-Founder Ravi Shah and Chief Data Scientist Satya Prateek Bommaraju, have diligently worked to transform their innovative idea into a successful health IT business.
Beacon Health’s mobile app has captured the attention of investors and customers from public and private sectors. The platform allows users to create an anonymous profile, search for the issue most relevant to them and instantly be connected with other Beacon Health members with similar mental health challenges as well as trained professionals. The platform offers anonymity and support by utilizing a natural language processing algorithm that can detect vulgar or malicious content and therefore prevent cyber bullying.
Since winning the i.Invest top prize which included $2,000 cash and a host of in-kind awards last October, the Beacon Health team has raised $225,000 in pre-seed funding. They will open a seed round with the goal of raising $600,000 in May-June. The ideal investors would be focused in healthcare and bring potential deployment sites in addition to capital.
The current backers include, the National Institute of Health (NIH), Johns Hopkins University and the Maryland Technology Development Corporation (TEDCO). NIH is mentoring the team in an effort to help them secure SBIR grants.
The Beacon Health staff has also grown. They currently have 10 employees, and are considering opening a second office in Boston, which will focus on research and development. They have signed 9 LOIs, some from major cities such as Denver and Nashville, to deploy their product once the pilots conclude.
Beacon Health’s app is live at several pilot sites, including Johns Hopkins University and Mindoula Health.
Congratulations, Shrenik, Ravi & Satya!