Digital psychological well being firm Mindstrong is shedding 128 staff and completely closing its headquarters in Menlo Park, in line with a California WARN notice.
Based on reporting by Behavioral Well being Enterprise, the layoffs will include lots of the firm’s C-suite executives, together with its CEO, chief expertise officer and chief monetary officer.
Mindstrong provided 24/7 digital psychological healthcare by way of video messaging, video calls or cellphone conversations. The corporate additionally provided teaching, psychiatric providers and remedy by way of a cellular app. The corporate groups with payers to supply its providers in-network.
On the finish of January, the corporate introduced in an electronic mail that it will no longer offer its patient services as of March 10.
Mindstrong didn’t instantly reply to a request for remark.
THE LARGER TREND
Through the top of the pandemic, Mindstrong scored $100 million in Series C funding, bringing the corporate’s complete increase to $160 million.
In September, the U.S. Division of Veterans Affairs named Mindstrong as a finalist within the Mission Dawn Problem, which would supply a $20 million grant to develop interventions to assist forestall veteran suicide. The corporate’s chief medical officer Dr. Holly Dubois mentioned the problem throughout a HIMSS TV interview in November.
Mindstrong was based in 2014, however in 2017 former director of the National Institute of Mental Health Dr. Thomas Insel joined the staff, taking up the title of cofounder along with president. Insel left Alphabet’s life science subsidiary Verily to affix the startup.
On the time, Mindstrong centered on growing digital biomarkers that measure mind perform based mostly on patterns of interplay with a smartphone. It is since reworked right into a digital psychological well being platform.
Mindstrong is the most recent in a string of well being tech firms to announce layoffs over the previous yr.
In simply the previous month, Philips stated it could lower 6,000 jobs worldwide by 2025; Verily introduced a 15% discount in its workforce; Cue Health let go of 388 staff; weight-loss startup Noom had its third spherical of layoffs previously yr; well being knowledge analytics startup Innovacer laid off 15% of its workforce; Teladoc Health laid off 300 staff; Carbon Health let go of over 200 individuals; and Akili Interactive, maker of video game-like digital therapeutics for kids, lower 30% of its workers.
