About Mindstate
Mindstate is a Healthcare company based in Pittsburgh (United States) founded in 2021. Psychedelic-based therapeutics for mental health conditions are developed. Mindstate has raised $24.32 million across 3 funding rounds from investors including Initialized Capital, Metaplanet and Negev Capital. Its chief executive, as recorded, is Dillan DiNardo. Mindstate offers products and services including Osmanthus, MSD-001, and MSD-X02. Its focus areas include Life Sciences, Neurology, Drugs and Psychiatric. Its competitors include MindMed, Delix Therapeutics and CB Therapeutics; 2 of its 3 listed competitors have raised funding.
Company details
Mindstate was founded in 2021 in Pittsburgh, United States, within the biotechnology sector. Psychedelic-based therapeutics targeting mental health conditions, such as PTSD and depression, are developed by the company. Drug candidates including MSD-101 for PTSD and MSD-201 for depression form part of the pipeline. The Osmanthus platform is used for predicting phenomenological effects associated with psychedelics.
- Headquarters Pittsburgh, United States
- SectorsHealthcare
- Website mindstate.design
- Social LinkedIn X
- Total Equity Funding$24.32M (USD)
in 3 rounds
- Latest Funding Round$12.7M (USD), Series A
Nov 2024
- InvestorsInitialized Capital
& 11 more
Products & Services of Mindstate
Mindstate offers a comprehensive portfolio of products and services, including Osmanthus, MSD-001, and MSD-X02.
AI system mapping emotions and cognition using drug effect data.
Drug enabling emotional and cognitive flexibility for therapy.
Compounds targeting central nervous system for specific effects.
Funding Insights of Mindstate
Mindstate has successfully raised a total of $24.32M across 3 strategic funding rounds. The most recent funding activity was a Series A round of $12.7 million completed in November 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $24.32M
- Total Rounds 3
- Last Round Series A — $12.7M
- First Round $125,000
(Sep 2021)
- Investors Count 12
All 3 funding rounds of Mindstate with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Nov 2024 | $12.7M | Series A | – | – | – |
| Feb 2022 | $11.5M | Seed | – | Initialized Capital | |
| Sep 2021 | $125,000 | Seed | – | Y Combinator | – |
12 investors in total: 6 institutional and 6 angel.
Investors in Mindstate
Mindstate has secured backing from 12 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include Initialized Capital, Metaplanet and Negev Capital.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Seed and early-stage technology investments are managed by the firm. | initialized.com | San Francisco, United States | ||
Metaplanet is recognized as an evergreen investment firm focused on deep tech. | metaplanet.com | Tallinn, Estonia | ||
Early-stage venture capital firm investing in and supporting technology startups | dayoneventures.com | San Francisco, United States | ||
Pre-seed and seed-stage investments are targeted by K50 Ventures. | k50ventures.com | New York, United States | ||
Early-stage startups are accelerated via funding and educational programs. | ycombinator.com | Mountain View, United States | ||
Venture capital fund investing in psychedelic health startups globally for innovation. | 2021 | negevcap.com | Cayman Islands | |
NR Naval Ravikant | unknown_98f77d3f52f549d7a | |||
FE Fred Ehrsam | Co-founder of Coinbase, Paradigm, early crypto investor, influential in blockchain | unknown_5529624148cb4d969 | ||
MH Max Hodak | Indian angel investor, tech enthusiast, focused on early-stage startups | unknown_db6befbbf44d419e9 | ||
AM Apoorva Mehta | unknown_ed5259ea253d4cb7a |
Investor details for Mindstate
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
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People of Mindstate
2 people are tracked at Mindstate (2 in leadership).
| Name | Role | Group |
|---|---|---|
Dillan DiNardo | CEO | Leadership |
Tegan Johnson | Director, Operations | Leadership |
Complete people profiles for Mindstate
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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Timeline of Mindstate
3 dated milestones of Mindstate across 3 years, from founding to its latest funding, stage changes and deals.
- Founded Mindstate is founded.
- Funding First funding round of $125K.
- Funding Latest funding round, Series A, of $12.7M.
Competitors of Mindstate
Mindstate has 3 listed competitors in our database, 2 of them funded. They include MindMed, Delix Therapeutics and CB Therapeutics.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| mindmed.co | 2019 | New York, United States | 74 | Psychedelic-based therapies for brain health disorders are developed. | ||
| delixtherapeutics.com | 2019 | Menlo Park, United States | $70M | 7 | Non-hallucinogenic therapeutics for neurological disorders are developed. | |
| cbthera.com | 2015 | San Diego, United States | $150,000 | 15 | Biosynthetic cannabinoids are produced from sugar using engineered microbes. |
Detailed competitors of Mindstate
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
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Web traffic of Mindstate
The website of Mindstate (mindstate.design) receives about 1.5K visits a month.
- Monthly visits1.5K
▼ 36.3% vs previous month
Top companies in Neurology
3 companies that operate in the same segment as Mindstate (Neurology) in United States, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Immuno-modulatory therapies for dementia and neurodegenerative disorders are developed. | 2013 | San Francisco, California, United States | USD 214.78 M | USD 21.05 M | 211 | |
Developer of therapeutics for psychiatric and neurologic diseases | 2002 | New York, New York, United States | USD 80.87 M | USD 250.31 M | 600 | |
Biologics platform developed for intracellular delivery in rare diseases. | 2016 | Boston, Massachusetts, United States | USD 175.25 M | USD 25.42 M | 183 |
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Related news about Mindstate
Complete news archive for Mindstate
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Frequently Asked Questions about Mindstate
Mindstate was founded in 2021.
Mindstate is headquartered in Pittsburgh, United States. It is registered at Pittsburgh, Pennsylvania, United States.
Dillan DiNardo is the CEO of Mindstate, as recorded in our data.
Mindstate is a funded company, having raised a total of $24.32M across 3 funding rounds to date. The company's 1st funding round was a Seed of $125K, raised on Sep 2021.
Mindstate was founded in 2021 in Pittsburgh, United States, within the biotechnology sector. Psychedelic-based therapeutics targeting mental health conditions, such as PTSD and depression, are developed by the company. Drug candidates including MSD-101 for PTSD and MSD-201 for depression form part of the pipeline. The Osmanthus platform is used for predicting phenomenological effects associated with psychedelics.
Mindstate's top competitors include MindMed, CB Therapeutics and Delix Therapeutics.
Mindstate offers Osmanthus, MSD-001, and MSD-X02.
Mindstate has 12 investors. Key investors include Initialized Capital, Metaplanet, Negev Capital, Day One Ventures, and K50 Ventures.