Digital mental health corporation Mindstrong is laying off 128 staff and forever closing its headquarters in Menlo Park, in accordance to a California Alert discover.
According to reporting by Behavioral Well being Business, the layoffs will include things like several of the company’s C-suite executives, which includes its CEO, chief technology officer and chief money officer.
Mindstrong presented 24/7 digital mental health care via video messaging, video clip calls or mobile phone conversations. The organization also supplied coaching, psychiatric products and services and therapy by way of a mobile application. The business teams with payers to supply its expert services in-community.
At the end of January, the company introduced in an e-mail that it will no for a longer time present its affected individual solutions as of March 10.
Mindstrong did not right away answer to a ask for for comment.
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All through the height of the pandemic, Mindstrong scored $100 million in Collection C funding, bringing the firm’s total elevate to $160 million.
In September, the U.S. Division of Veterans Affairs named Mindstrong as a finalist in the Mission Daybreak Obstacle, which would deliver a $20 million grant to establish interventions to help prevent veteran suicide. The company’s chief clinical officer Dr. Holly Dubois reviewed the problem throughout a HIMSS Television set job interview in November.
Mindstrong was established in 2014, but in 2017 former director of the Countrywide Institute of Psychological Health Dr. Thomas Insel joined the crew, having on the title of cofounder in addition to president. Insel remaining Alphabet’s lifetime science subsidiary Verily to sign up for the startup.
At the time, Mindstrong focused on producing electronic biomarkers that measure brain purpose based on designs of interaction with a smartphone. It can be considering that transformed into a electronic mental health system.
Mindstrong is the hottest in a string of wellness tech corporations to announce layoffs above the earlier yr.
In just the previous month, Philips mentioned it would slice 6,000 jobs throughout the world by 2025 Verily introduced a 15% reduction in its workforce Cue Health and fitness permit go of 388 workforce weight-reduction startup Noom had its third spherical of layoffs in the earlier calendar year health information analytics startup Innovacer laid off 15% of its workforce Teladoc Wellbeing laid off 300 personnel Carbon Wellness allow go of more than 200 persons and Akili Interactive, maker of video clip match-like electronic therapeutics for small children, minimize 30% of its team.