The 29-year-old has reportedly raised $250 million (£200 million) in funding for the Wishart Group from "big names in the music and tech industries". The organisation will primarily function as a mental health programme, a cause that is close to the singer's heart after he was diagnosed with bipolar disorder as a teenager.

Several leaders from technology companies will sit on the board of the company.

Angelakos opened up about his struggles with the mental disease in 2012, revealing the band was forced to cancel a string of summer tour dates that year because his condition had started to affect him physically.

"My depression was so bad... that I was suffering from something called Psychomotor Retardation, which is essentially where your brain starts shutting down your entire body," he told Rolling Stone. "So you're sitting in bed, and you can barely move."

"I've been dealing with this since I was 17; eight years of hospitalisations and medications and finally I found treatment and medication that works," he added. "It's a pain but hopefully now that's just going to eliminate the need to take time off and I can actually start focusing on what I like to do."