Miami based company empowering mental wellness through psychoactive compounds and technology, Emotional Intelligence Ventures announced having raised $20 million in a Regulation A offering which it will be using to advance mental wellness using psychedelics.
The company says it will be using proceeds from the funding round to develop medications and supplements extracted from psilocybin mushrooms also known as magic mushrooms.
The company’s co-founder and chief executive officer, David Nikzad, says this investment will be a game changer as it will allow small companies to sell shares not only to professional investors but also the general public. He further adds that the company aims to raise $50 million.
“I’m really passionate about democratizing investment opportunities so any investor can reap the rewards, and take all of the risks of early investment in game-changing companies,” said the CEO.
More recently, Emotional Intelligence Ventures entered into a partnership with biotechnology company Tioga Research to develop a transdermal patch for the sustained delivery of psilocybin. This patch will be used to treat mental health conditions like depression, anxiety and post-traumatic stress disorder (PTSD).