March 21, 2023

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Mental overall health system Mindstrong to shut HQ, lay off 128 workers

Electronic mental overall health firm Mindstrong is laying off 128 staff members and forever closing its headquarters in Menlo Park, according to a California Alert see.

According to reporting by Behavioral Wellness Company, the layoffs will involve numerous of the firm’s C-suite executives, including its CEO, chief technological innovation officer and main economical officer.

Mindstrong offered 24/7 digital mental healthcare through movie messaging, video clip calls or mobile phone discussions. The enterprise also offered coaching, psychiatric providers and therapy through a cellular application. The enterprise groups with payers to supply its companies in-community. 

At the stop of January, the firm announced in an email that it will no longer offer you its individual expert services as of March 10.

Mindstrong did not immediately answer to a request for remark. 

THE Larger Craze

All through the top of the pandemic, Mindstrong scored $100 million in Sequence C funding, bringing the company’s complete raise to $160 million. 

In September, the U.S. Department of Veterans Affairs named Mindstrong as a finalist in the Mission Daybreak Challenge, which would present a $20 million grant to acquire interventions to support avert veteran suicide. The firm’s chief clinical officer Dr. Holly Dubois talked over the problem during a HIMSS Tv interview in November. 

Mindstrong was founded in 2014, but in 2017 previous director of the Countrywide Institute of Mental Health Dr. Thomas Insel joined the workforce, having on the title of cofounder in addition to president. Insel left Alphabet’s daily life science subsidiary Verily to be part of the startup. 

At the time, Mindstrong focused on establishing digital biomarkers that evaluate mind perform based on styles of conversation with a smartphone. It really is considering the fact that reworked into a digital psychological health platform.

Mindstrong is the most current in a string of well being tech businesses to announce layoffs above the past yr. 

In just the earlier thirty day period, Philips said it would slash 6,000 jobs all over the world by 2025 Verily declared a 15% reduction in its workforce Cue Wellness permit go of 388 workforce bodyweight-loss startup Noom experienced its 3rd round of layoffs in the earlier yr wellness data analytics startup Innovacer laid off 15% of its workforce Teladoc Health laid off 300 workforce Carbon Health and fitness allow go of in excess of 200 persons and Akili Interactive, maker of video game-like digital therapeutics for small children, slash 30% of its staff members.