MindBeacon Software Inc.

MindBeacon is a digital mental healthcare platform that offers therapist-guided cognitive-behavioral therapy (CBT) programs, telepsychiatry service, immediate crisis support, and free mental health-related resources for adults. The therapist-guided programs are designed for individuals who prefer to work on their own time, during which they will have access to a therapist via text. The program spans 8 to 12 weeks and costs USD 625. The telepsychiatry service also allows patients to have face-to-face sessions with a licensed therapist starting at USD 130 for a 60-minute session. The company claims to be one of the first commercially available digital platforms that offer therapist-assisted CBT in Canada. As of September 2021, the company recorded 9,281 asynchronous cases and 10,078 synchronous sessions. 

MindBeacon acquired Harmony Healthcare, a pure-play mental health and substance abuse treatment provider based in Nevada, in October 2021 with plans to expand its market reach in the US. In November 2021, Canadian telemedicine facilitator CloudMD announced its plans to acquire MindBeacon, which would enable MindBeacon to leverage CloudMD’s Digital Health Services division to develop and promote its "Beacon in a Box" white label internet-based cognitive behavioral therapy (iCBT) Software-as-a-Service (SaaS) offering.

MindBeacon launched its digital platform, BEACON, in 2017. In December 2020, the company was listed on the Toronto Stock Exchange, raising CAD 74.8 million (USD 58.4 million). It reported a 2.4x YoY revenue growth to CAD 15.9 million (USD 12.5 million) in 9M 2021, supported by the increased market penetration and uptake in asynchronous services by per-case and subscription-based customers. Yet, adjusted EBITDA loss increased to USD 7.3 million (deteriorated 40% YoY).