Electronic psychological wellness business Mindstrong is laying off 128 staff and completely closing its headquarters in Menlo Park, according to a California Warn detect.
According to reporting by Behavioral Wellness Enterprise, the layoffs will contain a lot of of the company’s C-suite executives, including its CEO, main technological know-how officer and main financial officer.
Mindstrong made available 24/7 virtual mental healthcare via video messaging, video clip phone calls or mobile phone discussions. The enterprise also made available coaching, psychiatric services and treatment by using a mobile application. The organization teams with payers to offer you its providers in-network.
At the close of January, the enterprise announced in an e mail that it will no lengthier supply its individual companies as of March 10.
Mindstrong did not promptly answer to a ask for for remark.
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During the peak of the pandemic, Mindstrong scored $100 million in Series C funding, bringing the company’s full raise to $160 million.
In September, the U.S. Office of Veterans Affairs named Mindstrong as a finalist in the Mission Daybreak Challenge, which would provide a $20 million grant to establish interventions to aid stop veteran suicide. The firm’s chief scientific officer Dr. Holly Dubois mentioned the obstacle during a HIMSS Tv set job interview in November.
Mindstrong was founded in 2014, but in 2017 previous director of the Nationwide Institute of Mental Health Dr. Thomas Insel joined the crew, getting on the title of cofounder in addition to president. Insel still left Alphabet’s existence science subsidiary Verily to join the startup.
At the time, Mindstrong centered on building digital biomarkers that evaluate mind functionality centered on patterns of interaction with a smartphone. It truly is due to the fact transformed into a electronic mental well being system.
Mindstrong is the most recent in a string of wellness tech corporations to announce layoffs more than the previous yr.
In just the earlier month, Philips reported it would minimize 6,000 work opportunities around the globe by 2025 Verily announced a 15% reduction in its workforce Cue Wellbeing allow go of 388 employees bodyweight-decline startup Noom experienced its 3rd spherical of layoffs in the earlier yr wellbeing data analytics startup Innovacer laid off 15% of its workforce Teladoc Wellness laid off 300 staff Carbon Health allow go of in excess of 200 men and women and Akili Interactive, maker of online video recreation-like digital therapeutics for small children, minimize 30% of its workers.