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Digital psychological well being firm Mindstrong is shedding 128 staff and completely closing its headquarters in Menlo Park, based on a California WARN notice.
In response to reporting by Behavioral Well being Enterprise, the layoffs will include most 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 through video messaging, video calls or telephone conversations. The corporate additionally provided teaching, psychiatric companies and remedy through a cell app. The corporate groups with payers to supply its companies in-network.
On the finish of January, the corporate introduced in an e-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
Throughout the peak of the pandemic, Mindstrong scored $100 million in Series C funding, bringing the corporate’s complete elevate 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 National Institute of Mental Health 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 perform primarily based on patterns of interplay with a smartphone. It is since remodeled right into a digital psychological well being platform.
Mindstrong is the newest in a string of well being tech corporations to announce layoffs over the previous 12 months.
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 up to now 12 months; 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 youngsters, lower 30% of its employees.
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