Digital psychological well being firm Mindstrong is shedding 128 workers and completely closing its headquarters in Menlo Park, in response to a California WARN discover.
In keeping with reporting by Behavioral Well being Enterprise, the layoffs will embrace lots of the firm’s C-suite executives, together with its CEO, chief know-how officer and chief monetary officer.
Mindstrong provided 24/7 digital psychological healthcare through video messaging, video calls or telephone conversations. The corporate additionally provided teaching, psychiatric providers and remedy through a cell 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 is going to not supply its affected person providers as of March 10.
Mindstrong didn’t instantly reply to a request for remark.
THE LARGER TREND
Throughout the top of the pandemic, Mindstrong scored $100 million in Collection C funding, bringing the corporate’s whole 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 offer 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 Nationwide Institute of Psychological Well being Dr. Thomas Insel joined the workforce, 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 targeted on growing digital biomarkers that measure mind operate 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 mentioned it might reduce 6,000 jobs worldwide by 2025; Verily introduced a 15% discount in its workforce; Cue Well being let go of 388 workers; 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 Well being laid off 300 workers; Carbon Well being let go of over 200 folks; and Akili Interactive, maker of video game-like digital therapeutics for kids, reduce 30% of its employees.