Lantern, a US-based mental health services provider that had raised more than $21m from investors including care provider University of Pittsburgh Medical Center, is shutting down.
Founded in 2012, Lantern runs a subscription-based service that offered a range of cognitive behavioural therapy-focused tools to combat mental health conditions such as depression, anxiety, stress and body image issues.
University of Pittsburgh Medical Center’s investment arm, UPMC Enterprises, led a $17m round for the company in early 2016 that also featured Stanford University and Mayfield Fund and SoftTech VC, the venture capital firms that had invested $4.4m in Lantern in 2014.
However, Lantern has announced on its website that it is shutting down. TechCrunch has reported that the decision was made after two prospective acquisition deals for the company failed to close.