Mental health platform Mindstrong to close HQ, lay off 128 employees

Mental health platform Mindstrong to close HQ, lay off 128 employees

Electronic psychological health and fitness firm Mindstrong is laying off 128 employees and completely closing its headquarters in Menlo Park, in accordance to a California Alert discover.

According to reporting by Behavioral Health Company, the layoffs will consist of a lot of of the company’s C-suite executives, including its CEO, chief know-how officer and main monetary officer.

Mindstrong provided 24/7 virtual mental health care via video clip messaging, online video calls or cellular phone discussions. The corporation also provided coaching, psychiatric solutions and remedy by means of a mobile app. The enterprise teams with payers to give its expert services in-community. 

At the finish of January, the firm announced in an e-mail that it will no longer provide its individual companies as of March 10.

Mindstrong did not immediately respond to a ask for for comment. 

THE Bigger Trend

For the duration of the peak of the pandemic, Mindstrong scored $100 million in Collection C funding, bringing the company’s overall elevate to $160 million. 

In September, the U.S. Section of Veterans Affairs named Mindstrong as a finalist in the Mission Daybreak Problem, which would present a $20 million grant to acquire interventions to aid prevent veteran suicide. The firm’s main medical officer Dr. Holly Dubois talked over the problem for the duration of a HIMSS Tv set interview in November. 

Mindstrong was established in 2014, but in 2017 previous director of the Nationwide Institute of Psychological Health Dr. Thomas Insel joined the workforce, getting on the title of cofounder in addition to president. Insel still left Alphabet’s existence science subsidiary Verily to sign up for the startup. 

At the time, Mindstrong targeted on producing digital biomarkers that evaluate mind purpose centered on styles of interaction with a smartphone. It is really since reworked into a digital mental health and fitness platform.

Mindstrong is the most current in a string of wellbeing tech providers to announce layoffs over the past year. 

In just the earlier month, Philips reported it would reduce 6,000 employment around the globe by 2025 Verily announced a 15% reduction in its workforce Cue Well being let go of 388 workers fat-loss startup Noom experienced its 3rd spherical of layoffs in the earlier calendar year health data analytics startup Innovacer laid off 15% of its workforce Teladoc Overall health laid off 300 personnel Carbon Health enable go of about 200 people today and Akili Interactive, maker of video match-like electronic therapeutics for youngsters, lower 30% of its staff.