Psychedelic startup Mindstate's $11.5M trip

Psychedelic startup Mindstate just scored an $11.5 million vote of confidence in the form of an angel investment from Neuralink co-founder Max Hodak.

Why it matters: The deal — which is mammoth for a seed round — reflects investors' taste for psychedelics for behavioral health applications, including treating depression, anxiety and PTSD.

Context: Psychedelics are hot right now, thanks to factors including:

• Clinical trials linking them to positive results in people with depression and PTSD.
• Influential people, such as author Michael Pollan, sharing their personal experiences with the compounds.
• A regulatory environment that's seeing some forms of the drugs legalized in certain instances, such as for medicinal and tribal uses.

What's next: The company is using an AI-powered drug discovery engine to create a pipeline of potential therapeutic compounds.

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