- Founded: 2014
- Ceased Operations: 2023
What did Mindstrong do?
Mindstrong was a mental health company that developed digital biomarkers to catch early signs of mental illness. It later added virtual therapy and care services, with a focus on serious mental illness. Mindstrong’s technology used artificial intelligence to monitor users’ computer and phone activity for signs of mental health problems. Mindstrong’s software could track how often users used their devices, what websites they visited, and how they typed.
In 2020, Mindstrong raised $100 million in funding from investors such as SoftBank Vision Fund and GV (formerly Google Ventures). Mindstrong Health has raised a total of $160 million in funding over 5 rounds.
Who started Mindstrong?
Founder Paul Dagum
Why did Mindstrong go out of business?
Mindstrong’s technology collected data from smartphones, which raised privacy concerns among users and regulators. The mental health technology market is very competitive, and Mindstrong faced stiff competition from other companies, such as Pear Therapeutics and Lyra Health.
Mindstrong was unable to raise enough money to continue operations. In February 2023, Mindstrong announced that it would be shutting down its operations. Mindstrong laid off all of its employees, and it sold its assets to SonderMind, another mental health technology company.