Spring Health Diligence Research Report
Spring Health has credible public traction signals in employer/health-plan mental health, major-logo references, and late-stage financing; the diligence case turns on whether revenue quality, retention, provider capacity, ROI claims, AI governance, and privacy/security controls support the valuation.
Spring Health Diligence Research Report
Eligible private-unicorn screen: public evidence supports Spring Health as an active, private U.S. healthcare unicorn valued at $3.3B, but investment underwriting should pause on private financials, cap table, customer concentration, outcome substantiation, and HIPAA/provider-network diligence.
Public evidence supports valuation and funding history but not audited revenue, ARR, gross margin, burn, backlog, AR aging, or cash runway.
Diligence request: Request audited financials, monthly management accounts, cohort ARR, gross margin, cash/burn, AR aging, and backlog.
Lyra, Modern Health, Headspace, BetterUp, Included Health, and Teladoc create direct and adjacent competition for employer mental-health budgets.
Diligence request: Benchmark win/loss, net revenue retention, pricing by segment, and competitive displacement data.
ROI, engagement, clinical outcomes, and fast-access claims are mostly company-hosted and require independent customer/claims validation.
Diligence request: Request study designs, customer claims analyses, third-party validation reports, and reference calls.
Spring Health handles health information and relies on healthcare-grade security/privacy controls across apps, providers, service providers, and global markets.
Diligence request: Review SOC 2/HITRUST/HIPAA artifacts, BAAs, DPIAs, breach logs, subprocessors, and global privacy compliance.
Therapy, medication management, crisis, and global-provider claims depend on provider availability, credentialing, QA, and state/country licensure.
Diligence request: Request provider-network roster, credentialing files, utilization/capacity reports, quality metrics, and adverse-event reviews.
Multiple large preferred rounds imply possible liquidation preferences, option-pool expansion, and investor rights that materially affect common-equity economics.
Diligence request: Request pro forma cap table, stock ledgers, option plan, debt/SAFE/note schedules, and financing documents.
Major logos and case studies are public, but revenue by customer, concentration, term lengths, utilization, and renewal health are not public.
Diligence request: Request top-25 customer schedule, NRR/GRR, churn, renewal pipeline, and consented customer calls.
AI is a public product/positioning theme, but model cards, validation sets, bias testing, clinical safeguards, and human oversight are not public.
Diligence request: Request AI inventory, model risk assessments, clinical governance minutes, bias testing, and incident reports.
Spring Health remains eligible as a private unicorn based on CB Insights and company financing announcements, but core financial statements, revenue quality, runway, cap table, and debt terms are not publicly verifiable.
not publicly verifiable confidence: high
Public evidence provides financing and directional growth signals, not financial statements.
| metric | public signal | verification status | diligence request |
|---|---|---|---|
| Revenue growth | Series C announcement says approximately 6x revenue growth over the prior year. | partially_verified | Revenue by month, product, channel, and cohort; auditor support. |
| ARR/revenue dollars | No audited revenue, ARR, gross margin, EBITDA, or cash balance found in public sources reviewed. | not_publicly_verifiable | Audited statements, management accounts, ARR bridge, and bookings-to-revenue reconciliation. |
| Covered lives/customers | Company pages claim 20M+ covered lives; Series E page claims 10M+ lives, 400+ employers, and 27,000 channel-partner groups. | partially_verified | Eligible lives, activated lives, utilization, and customer-by-customer contract schedule. |
| ROI/engagement | Employer page claims 10x engagement than traditional EAPs and validated ROI methodology. | partially_verified | Customer-level ROI models, claims-data methodology, guarantee exposure, and refund/credit history. |
| Backlog/AR aging/unit economics | Not public. | not_publicly_verifiable | Backlog by customer, AR aging, CAC/payback, LTV/churn, provider cost per session, gross margin. |
Do not infer revenue dollars from valuation or covered lives.
not publicly verifiable confidence: medium
Growth drivers are public; projections, assumptions, and financing needs are private.
partially verified confidence: medium
Named investors and founders are public; ownership, preferences, options, warrants, and debt are private.
| stakeholder | public position | verification status | diligence caveat |
|---|---|---|---|
| Founders: April Koh and Adam Chekroud | CEO/co-founder and President/co-founder identified publicly | verified | Founder shares, vesting, transfer restrictions, and option grants are private. |
| Preferred investors | Generation, Kinnevik, Guardian Life, Tiger Global, Northzone, RRE, Rethink Impact, Work-Bench and others publicly named across rounds | verified | Ownership percentages, preferences, pro-rata rights, and protective provisions not public. |
| Board/investor governance | Kinnevik board participation noted in Series C; Dipak Golechha board news card appears on about page | partially_verified | Request board roster, observer rights, voting thresholds, and minutes. |
| Employee equity/option pool | Careers page says equity begins vesting after first year | partially_verified | Request equity incentive plan, option pool size, exercise prices, and 409A valuations. |
| Debt/notes/off-balance sheet | Series C source says the round included both equity and debt; detailed debt terms not public | not_publicly_verifiable | Request all credit facilities, convertible notes, warrants, guarantees, and off-balance-sheet commitments. |
partially verified confidence: high
Public financing history is well supported for Series B/C/E; tax and accounting policies are private.
| date | round | amount usd | lead or participants | post money or valuation | verification status | diligence caveat |
|---|---|---|---|---|---|---|
| 2020-01 | Series A referenced in Series B release | $22M | Northzone referenced as Series A investor | Not disclosed | partially_verified | Request Series A documents and cap-table impact. |
| 2020-11-18 | Series B | $76M | Tiger Global; GingerBread Capital, Operator Partners, Northzone, Rethink Impact, William K. Warren Foundation, Work-Bench and others | Not disclosed | verified | No valuation/preferences public. |
| 2021-09-16 | Series C | $190M | Kinnevik led; Guardian Life, Tiger Global, Northzone, RRE, Rethink Impact, Work-Bench and others | $2B valuation; $300M total investment to date | verified | Round included equity and debt; terms private. |
| 2025-05-20 | Series E | $100M | Generation Investment Management led; Kinnevik, William K Warren Foundation, RRE, Northzone | $3.3B valuation | verified | No share count, liquidation preferences, or option pool public. |
| 2026-06-06 accessed | Unicorn tracker status | Not a financing amount | CB Insights row names Rethink Impact, Work-Bench, RRE Ventures | $3.3B valuation | verified | Tracker is secondary and may lag current marks. |
Series D and other bridge financings should be verified directly from company financing records.
Spring Health publicly presents a broad EAP+/precision mental-health platform with digital onboarding, care plans, provider matching, coaching, therapy, medication management, and AI. Pricing, technical architecture, service levels, and clinical validation require private diligence.
partially verified confidence: medium
Public pages support a comprehensive platform claim but do not disclose full SKU packaging, pricing, margins, or release economics.
| product or module | audience | public features | verification status | diligence caveat |
|---|---|---|---|---|
| EAP+ | Employers and employees/families | More targeted than traditional EAPs; comprehensive support, measurement-based care, care navigation. | verified | Contracted scope/session limits and SLA private. |
| Spring Care member platform | Members | Digital sign-up, comprehensive care plan, curated provider list, tailored recommendations. | verified | Product usage, conversion, and uptime data private. |
| Coaching/therapy/medication management | Members needing clinical or subclinical care | Public pages reference coaching, therapy, medication management, and provider network. | verified | Provider capacity, credentialing, prescribing protocols, and adverse events private. |
| AI / Guide | Members, providers, employers | AI positioned to support people across mental-health journey and reduce provider burdens. | partially_verified | Model inventory, validation, privacy impact, and clinical safety evidence required. |
| SpringWorks / organizational support / Global / Community Care | Employers, health plans, global teams | Series E page references product expansions including Global, Community Care, and SpringWorks. | partially_verified | Pipeline dates, revenue attachment, and adoption metrics private. |
| vendor | public pricing signal | likely model | verification status | diligence request |
|---|---|---|---|---|
| Spring Health | Request demo/contact sales flow; consultant page claims no hidden technology fees and data-backed pricing assumptions. | Enterprise quote / PEPM or bundled employer/plan contract | partially_verified | Pricing schedules, PEPM/session fees, guarantees, implementation fees, renewal escalators. |
| Lyra Health | Workforce mental health positioning; no list price captured in this public pass. | Enterprise quote | unverified | Competitive pricing from win/loss and broker benchmarks. |
| Modern Health | Workforce mental health positioning; no list price captured in this public pass. | Enterprise quote | unverified | Competitive price/feature benchmark. |
| Headspace for Organizations | Organization product menu includes EAP/Care/Core; no full employer list price captured. | Enterprise quote plus SMB tiers possible | partially_verified | Broker/consultant benchmark by segment. |
| Included Health / Teladoc / BetterUp | Adjacent virtual care, navigation, and coaching vendors generally sell enterprise products publicly positioned without full prices. | Enterprise quote / PMPM / utilization-based | inconclusive | RFP win/loss, displacement, and pricing elasticity. |
Public customer evidence includes recognizable logos, company-hosted case studies, payer/channel relationships, and scale claims. Customer concentration, active contract status, revenue by customer, churn, and supplier spend are not public.
partially verified confidence: medium
Spring Health publicly names large employers and hosts case studies, but top-15 customer schedules are private.
| customer or logo | source evidence | use case | verification status | concentration caveat |
|---|---|---|---|---|
| Microsoft | Named as a global brand in Series E announcement; logo shown on homepage. | Employer mental-health benefit | partially_verified | Active contract and revenue share not public. |
| Target | Named in Series E announcement; logo shown on homepage. | Employer mental-health benefit | partially_verified | Active contract and revenue share not public. |
| J.P. Morgan Chase | Named as global brand in Series E announcement. | Employer mental-health benefit | partially_verified | Active contract and revenue share not public. |
| Delta Airlines | Named as global brand in Series E announcement. | Employer mental-health benefit | partially_verified | Active contract and revenue share not public. |
| General Mills | Company-hosted case study says General Mills chose Spring Health for precision/personalized care delivery. | Culture change and employee mental health | partially_verified | Contract economics and renewal status not public. |
| Moda Health | Company-hosted case study for health plan behavioral-health access. | Health-plan member behavioral health | partially_verified | Lives/revenue by plan not public. |
| PepsiCo, Bain, Instacart | Named in Series C announcement as global companies/customers. | Employer/family mental-health benefit | partially_verified | Current status not verified in this run. |
partially verified confidence: medium
Guardian, health-plan, channel-partner, consultant/broker and scientific-advisor relationships are public, but economics are not.
| partner or channel | nature | public evidence | verification status | gap |
|---|---|---|---|---|
| Guardian Life | Strategic investor/provider collaborator | Series C announcement calls Guardian a new investor and first strategic provider collaborator. | verified | Contract terms, revenue contribution, exclusivity, and product scope. |
| Health plans | Buyer/channel segment | Dedicated health-plan page; Moda case study. | partially_verified | Plan contracts, covered lives, claims integration, performance guarantees. |
| Channel partners | Distribution/contracting channel | Channel page says clients can contract directly with partners to offer Spring Health. | verified | Partner names, take rates, concentration, termination rights. |
| Consultants/brokers | Referral/influence channel | Consultant page positions Spring as a global mental-health partner for clients. | verified | Broker influence, rebate/commission arrangements, RFP win/loss data. |
| Scientific advisors | Clinical credibility | About page lists scientific advisory board members. | verified | Advisor agreements, meeting cadence, clinical governance authority. |
not publicly verifiable confidence: high
No revenue share by customer is public.
not publicly verifiable confidence: medium
No public churn or severed-relationship schedule was found.
partially verified confidence: medium
Public supplier evidence points to provider network, digital platform, service providers/subprocessors, analytics, and third-party materials, but spend and concentration are private.
| supplier or dependency | role | public evidence | risk | verification status |
|---|---|---|---|---|
| Care-provider network | Therapy, coaching, medication management and care delivery | Series E page says 10,000+ care providers; product pages describe curated provider lists. | Credentialing, availability, quality, malpractice, retention. | partially_verified |
| Technology/app platform | Member onboarding, assessments, care plans, provider matching | Connected platform and app/privacy-policy disclosures. | Security, uptime, privacy, data accuracy. | partially_verified |
| Subprocessors/service providers | Hosting, communications, analytics, support, and other services | Privacy policy references service providers; trust center says subprocessor list available. | Vendor concentration, DPA/BAA flow-down, breach exposure. | partially_verified |
| Google Analytics and analytics providers | Website/app analytics | Privacy policy references Google Analytics. | Sensitive-data tracking and consent/privacy compliance. | verified |
| Third-party materials/licensors | Potential content/data/materials in services | Terms discuss third-party materials and licensors. | License, quality, and warranty limitations. | verified |
Spring Health competes directly with workforce mental-health platforms and adjacent virtual care, coaching, and navigation vendors. Public positioning supports intense feature and pricing pressure; win/loss and price data are private.
verified confidence: medium
Direct competitors include Lyra, Modern Health, and Headspace; adjacent pressure comes from BetterUp, Included Health, and Teladoc.
| competitor | segment | public positioning | product overlap | risk to spring | source ids |
|---|---|---|---|---|---|
| Lyra Health | Direct workforce mental health | Leading global workforce mental health care | Employer mental-health care and provider network | Direct enterprise benefits competition | SRC-026 |
| Modern Health | Direct workforce mental health | Global standard in mental health / designed for workforce | Self-guided tools, crisis care, global workforce support | Feature and pricing pressure | SRC-027 |
| Headspace | Direct/adjacent EAP and mental health | End-to-end mental health care for organizations; EAP, Care, Core | EAP, care, meditation/mindfulness, organizations | Brand strength and broader consumer footprint | SRC-028 |
| BetterUp | Adjacent coaching/performance | Workforce performance and AI coaching | Coaching and resilience budgets | Competes for HR benefits/coaching spend | SRC-029 |
| Included Health | Adjacent virtual care/navigation | Virtual care and navigation for employers and health plans | Navigation, employer/plan buyer, behavioral health adjacency | Bundling with broader healthcare navigation | SRC-030 |
| Teladoc Health | Public virtual care and mental health | Medical care, mental health, chronic condition management | Virtual mental health and whole-person-care benefits | Public-scale vendor can bundle services | SRC-031 |
| axis | spring public position | competitive context | risk level | needed private evidence |
|---|---|---|---|---|
| Access and provider availability | Claims curated providers, fast access, 10,000+ providers | Lyra/Headspace/Modern also emphasize care networks | High | Appointment wait times by geography/specialty and provider capacity. |
| Clinical outcomes/ROI | Claims JAMA/Validation Institute-backed impact and ROI | Competitors also market evidence-based outcomes | High | Matched cohort studies, claims analyses, and guarantee history. |
| Global coverage | Claims 20M+ lives globally and over 200 regions historically | Lyra/Modern/Headspace all use global workforce positioning | Medium | Country-by-country coverage, licensure, language and provider density. |
| AI and precision matching | AI and precision mental-healthcare narrative backed by founder-linked research | Lyra and Headspace also market AI/care models | Medium | Model validation, algorithm performance, bias testing, clinical governance. |
| Pricing/procurement | Sales-led with no hidden technology fees claim | Enterprise quotes make buyer comparisons opaque | High | RFP win/loss and segment price benchmarks. |
Spring Health’s public GTM spans direct employers, health plans, channel partners, and consultants/brokers, supported by scale, outcome, ROI, access, and funding messages. Sales productivity, channel mix, pipeline, budget, and marketing ROI are private.
partially verified confidence: medium
Public strategy emphasizes global, employer/plan, measurable-outcome positioning.
| signal | public value | source | verification status | diligence test |
|---|---|---|---|---|
| Covered lives | 20M+ globally on homepage/employer pages; 10M+ in Series E text. | Company pages | partially_verified | Tie active/eligible lives to customer contracts and dates. |
| Engagement | 10x engagement than traditional EAPs. | Employer page | partially_verified | Review methodology and customer cohorts. |
| Access | Moda case study cites 1.3-day average wait time for next available care among engaged members. | Moda case study | partially_verified | Verify denominator, dates, regions, appointment type. |
| Funding/valuation PR | $100M Series E at $3.3B valuation. | Series E announcement and CB Insights | verified | Review purchase agreements and latest 409A/financing marks. |
| Hiring/culture | 82 open role links and hypergrowth/culture claims. | Careers/open roles/culture pages | partially_verified | Review headcount plan, attrition, recruiting funnel, offer acceptance. |
partially verified confidence: medium
Major-customer relationships are indicated by logos and case studies; status, trends, and pipeline are private.
verified confidence: medium
Public GTM channels are direct employers, health plans, channel partners, and consultants/brokers.
| channel | public evidence | likely sales motion | verification status | gap |
|---|---|---|---|---|
| Direct employers | Employer page and enterprise logos/case studies. | Enterprise benefits sale via HR/benefits/procurement. | verified | Pipeline, sales cycle, ACV, quota attainment. |
| Health plans | Health-plan page and Moda Health case study. | Plan partnership / member behavioral-health solution. | partially_verified | Plan economics, integration cost, claims risk, utilization. |
| Channel partners | Channel partner page says clients can contract directly with partner. | Indirect/channel resale or embedded benefit. | verified | Partner identity, take rate, revenue concentration. |
| Consultants and brokers | Dedicated consultant page emphasizes client trust and pricing transparency. | Influencer/RFP channel. | verified | Broker relationships, commissions, RFP win/loss. |
| Providers | Provider solution/careers pages and care network references. | Provider recruiting/network development. | partially_verified | Provider acquisition cost, churn, credentialing cycle. |
not publicly verifiable confidence: medium
Open roles and enterprise sales channels are public; quota, sales cycle, conversion, and productivity are private.
not publicly verifiable confidence: medium
Budget capacity cannot be assessed from public sources.
Spring Health’s public R&D story combines founder-linked machine-learning research, scientific advisors, AI/product pages, and product-expansion announcements. Production models, IP ownership, validation, roadmap costs, and team structure require private diligence.
partially verified confidence: medium
Public sources identify founders, advisors, and research provenance but not complete R&D org, spend, or IP assignments.
| name or role | public role | background signal | verification status | diligence request |
|---|---|---|---|---|
| Adam Chekroud | President, Co-founder | Founder and peer-reviewed ML depression-treatment outcome publication. | verified | Confirm current operating scope, IP assignments, and employment agreement. |
| April Koh | CEO, Co-founder | Founder narrative and public CEO role. | verified | Confirm equity/vesting, succession, and key-person risk. |
| John Krystal, MD | Scientific advisory board | Yale psychiatry/neuroscience role described on about page. | verified | Advisor agreement, active involvement, conflicts. |
| Myrna M. Weissman, PhD | Scientific advisory board | Columbia/NYSPI epidemiology and IPT expertise described publicly. | verified | Advisor agreement and clinical-governance role. |
| Product/AI/engineering leaders | Not fully public in this pass | AI and platform pages describe technology, but org depth not public. | not_publicly_verifiable | R&D org chart, key technical leaders, retention plans, IP assignments. |
partially verified confidence: medium
Public pipeline signals include AI/Guide, Global, Community Care, SpringWorks, and quality/crisis accreditation; timing, costs, adoption, and risks are private.
| project | public status | expected date | verification status | diligence request |
|---|---|---|---|---|
| Guide / AI support | AI page and navigation announce AI support across mental-health journey. | Current public page; rollout details not public | partially_verified | Model inventory, release roadmap, clinical safety and adoption metrics. |
| Global offering expansion | Series E page cites expansion of Global offering. | Referenced in Series E announcement | partially_verified | Country roadmap, regulatory approvals, local provider supply, revenue by region. |
| Community Care | Series E page cites Community Care launch. | Referenced in Series E announcement | partially_verified | Product scope, customer uptake, reimbursement/payment model. |
| SpringWorks enhancement | Series E page cites SpringWorks enhancement for employer cultures of mental health. | Referenced in Series E announcement | partially_verified | Product-market fit, attach rate, roadmap and development cost. |
| Precision-care algorithm/research translation | Founder-linked Lancet Psychiatry ML paper supports research provenance. | Research published 2016; production use not public | partially_verified | Evidence linking research to production algorithms and outcomes. |
Public evidence verifies the founders and several leadership/governance signals, with strong hiring/culture signals. Exact headcount, org chart, compensation, attrition, employee-relations issues, and turnover are not publicly verifiable.
partially verified confidence: medium
Only a partial public org chart can be inferred.
| name | role | tenure signal | verification status | diligence request |
|---|---|---|---|---|
| April Koh | CEO, Co-founder | About page founder story; company founded in May per narrative. | verified | Employment agreement, board approvals, equity, succession. |
| Adam Chekroud | President, Co-founder | About page founder story and peer-reviewed research background. | verified | Current responsibilities, IP assignment, clinical/research oversight. |
| Arielle Mortimer | Chief Operating Officer per public news card | About page links news item welcoming COO. | partially_verified | Confirm current title, responsibilities, start date, compensation. |
| Dr. Mill Brown | Chief Medical Officer per public news card | About page links news item for CMO joining C-suite. | partially_verified | Confirm current title, licensure, quality/governance scope. |
| Dipak Golechha | Board director per public news card | About page links board appointment news. | partially_verified | Confirm board composition, committees, observer rights. |
partially verified confidence: medium
Public data shows hiring activity and remote culture, not actual headcount by function/location.
| signal | public evidence | verification status | diligence interpretation | request |
|---|---|---|---|---|
| 2020 headcount growth | Series B page says Spring tripled headcount after Series A. | verified | Early hypergrowth signal. | Monthly headcount by function/geography since inception. |
| Open roles | Open roles page exposed 82 unique Greenhouse job links during this run. | partially_verified | Active hiring across sales/customer/clinical/network/other functions. | Hiring plan, budgeted headcount, offer acceptance and time-to-fill. |
| Remote workforce | Careers page says team members can be found in almost all U.S. time zones and describes remote flexibility. | verified | Distributed-work operating model. | Entity map, payroll jurisdictions, remote-work compliance. |
| Culture/ERG | Culture page says 10 employee-led ERGs and an Inclusion Taskforce. | verified | People-process maturity signal. | Engagement survey, DEI metrics, employee-relations matters. |
| Scale-copy inconsistency | Careers says over five million members; homepage/employer pages say over 20M covered lives. | inconclusive | May reflect different dates/definitions; should reconcile. | Dated scale KPI definitions and reporting controls. |
partially verified confidence: medium
Founders and selected leadership cards are public, but full biographies and tenure are incomplete.
partially verified confidence: medium
Benefits/equity language is public; executive and employee compensation arrangements are private.
not publicly verifiable confidence: medium
Equity is referenced publicly, but incentive stock plan details are private.
inconclusive confidence: medium
No significant employee-relations problems were publicly verified in this pass; private records are required.
not publicly verifiable confidence: medium
Turnover data is not public.
| area | public signal | verification status | risk | request |
|---|---|---|---|---|
| Turnover by function | No public turnover data found in reviewed sources. | not_publicly_verifiable | Hidden attrition in clinical, sales, or engineering teams could impair execution. | Two-year monthly attrition, regretted losses, exits by manager/function. |
| Leadership departures | No comprehensive public leadership departure list found; about page has current/linked news cards only. | not_publicly_verifiable | Stale public titles and unannounced departures. | Current executive roster, departures, separation agreements. |
| Compensation | Careers page mentions benchmarked salary, incentive pay, equity vesting after first year, and 401(k) match. | partially_verified | Retention and compensation competitiveness unknown. | Comp bands, equity refresh history, retention bonuses, compensation committee minutes. |
| Employee relations | No significant public employee-relations problems identified in reviewed sources. | inconclusive | Private claims/arbitrations may not be public. | HR complaints, investigations, litigation/arbitration, wage-hour audits. |
Public materials support a healthcare privacy/security posture and product/legal surface area, but litigation clearance, IP ownership, regulatory correspondence, insurance, and material contracts require counsel-led private diligence.
inconclusive confidence: medium
No exact-match public CourtListener opinion results for Spring Care, Inc. were identified in this run, but this is not full docket clearance.
| case or search | court or source | filed date | status | verification status | follow up |
|---|---|---|---|---|---|
| Exact “Spring Care, Inc.” opinion search | CourtListener API | Search accessed 2026-06-06 | Zero exact opinion results returned | inconclusive | Run PACER, state courts, arbitration, demand letters, and counsel litigation schedule. |
| Broad “Spring Health” public search | Public web/CourtListener broad search | Search accessed 2026-06-06 | Broad results included unrelated entities such as Green Spring Health; not a reliable clearance. | inconclusive | Search legal names, subsidiaries, founders, provider entities, and DBA variants. |
| Customer/provider/employment claims | Not public in reviewed sources | — | Not publicly verifiable | not_publicly_verifiable | Request litigation/claims schedule, arbitration matters, subpoenas, indemnity claims. |
Absence of public exact-match opinions is not legal clearance.
not publicly verifiable confidence: medium
Affirmative litigation is not publicly verifiable from reviewed sources.
| case or search | court or source | filed date | status | verification status | follow up |
|---|---|---|---|---|---|
| Exact “Spring Care, Inc.” as plaintiff | CourtListener exact search | Search accessed 2026-06-06 | No exact public opinion results in this run. | inconclusive | Counsel docket search for IP, contract, provider, employment, and collection matters. |
| IP/trademark enforcement | Not fully searched | — | Not publicly verifiable in this pass. | not_publicly_verifiable | USPTO TTAB, federal docket, demand-letter log, domain disputes. |
inconclusive confidence: low
Environmental issues appear less central for a digital-health platform; employee safety, remote work, clinical care, and crisis workflows require private policies.
partially verified confidence: medium
Public terms assert proprietary rights; patent/trademark ownership and license clearance are incomplete publicly.
| asset | public evidence | jurisdiction or scope | verification status | diligence request |
|---|---|---|---|---|
| Spring Health / Spring Care brands | Company uses Spring Health and Spring Care marks on website; terms assert proprietary rights. | Trademark/brand | partially_verified | Pull USPTO/TSDR and international trademark portfolio, assignments, oppositions, licenses. |
| Website, questionnaires, app, services | Terms say Spring and licensors own website, questionnaires and services; app is licensed not sold. | Copyright/software/database | verified | IP assignment agreements, open-source inventory, contractor assignment records. |
| Precision-care algorithms / AI models | Company AI pages and founder-linked research; patents not verified in this pass. | Trade secret/patent/copyright | partially_verified | Patent search, invention assignments, model documentation, trade-secret controls. |
| Third-party materials and licensors | Terms disclose third-party materials and licensors. | Licenses/vendor content | verified | Vendor contracts, license restrictions, sublicensing rights, data provenance. |
not publicly verifiable confidence: medium
Insurance coverage is not public.
not publicly verifiable confidence: medium
Enterprise/customer/vendor contracts are private; public terms include broad disclaimers and third-party-material provisions.
partially verified confidence: medium
No public enforcement finding was verified in this pass, but HIPAA/privacy/security/provider-regulatory surface area is substantial.
| agency or area | public evidence | status | risk | diligence request |
|---|---|---|---|---|
| HIPAA / health information | Privacy policy references health information and HIPAA-permitted uses. | Public compliance posture, no enforcement conclusion. | PHI handling, BAAs, breach-notification, minimum necessary, employer data boundaries. | HIPAA risk assessment, policies, BAAs, breach log, training records. |
| SOC 2 / HITRUST / security | Trust center displays HIPAA/HITRUST and SOC2 audit-period signals. | Partially verified public badges. | Audit scope may not cover all systems or geographies. | SOC 2 Type II, HITRUST certificate, pen tests, VDP reports. |
| State provider licensure/telehealth/prescribing | Product pages reference therapy, coaching, medication management and providers. | Not publicly verifiable by state/country. | Licensure, supervision, prescribing, malpractice, adverse events. | Provider roster, licensure checks, credentialing audits, malpractice coverage. |
| FTC/state privacy/consumer protection | AI, outcomes, ROI, and privacy claims are public marketing/regulatory surface area. | No public action verified in this pass. | Claims substantiation, sensitive-data tracking, AI disclosures, unfair/deceptive practices. | Claims substantiation files, privacy impact assessments, regulator correspondence. |
| Global privacy and cross-border operations | Company claims global covered lives and over 200 regions historically. | Publicly claimed; controls not public. | GDPR/local telehealth, cross-border data transfer, local provider rules. | Country matrix, DPAs/SCCs, local counsel memos, regulatory registrations. |
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights lists Spring Health as a United States Healthcare & Life Sciences unicorn valued at $3.3B. | verified high | SRC-001 |
| EC-002 | Spring Health announced a $100M Series E at a $3.3B valuation led by Generation Investment Management. | verified high | SRC-002 |
| EC-003 | Spring Health announced a $190M Series C at a $2B valuation and disclosed a 6x revenue-growth signal. | verified high | SRC-003 |
| EC-004 | Spring Health announced a $76M Series B led by Tiger Global and referenced a prior $22M Series A. | verified high | SRC-004 |
| EC-005 | Spring Health’s current homepage claims more than 20M covered lives globally and shows enterprise customer logos. | partially verified medium | SRC-005 |
| EC-006 | Spring Health markets employer ROI, global reach, and higher engagement than traditional EAPs. | partially verified medium | SRC-006 |
| EC-007 | Spring Health positions EAP+ as broader and more targeted than traditional EAPs. | verified medium | SRC-007 |
| EC-008 | Spring Health describes a connected digital platform with care plans and curated providers. | verified medium | SRC-008 |
| EC-009 | Spring Health publicly describes AI use and responsible-AI principles for mental health care. | partially verified medium | SRC-009 |
| EC-010 | General Mills is presented as a Spring Health customer case study focused on mental-health culture and outcomes. | partially verified medium | SRC-011 |
| EC-011 | Moda Health is presented as a health-plan customer with fast access and access-improvement claims. | partially verified medium | SRC-012 |
| EC-012 | Spring Health sells through employers, health plans, channel partners, brokers, and consultants. | verified medium | SRC-013SRC-014SRC-015 |
| EC-013 | Public pricing is sales-led; no public list-price schedule was found, while consultant pages emphasize transparent pricing and no hidden technology fees. | partially verified medium | SRC-015SRC-016 |
| EC-014 | Spring Health discloses use of service providers/subprocessors and third-party analytics in handling personal information. | verified medium | SRC-022SRC-023 |
| EC-015 | Spring Health collects health information and references HIPAA-permitted uses. | verified high | SRC-023 |
| EC-016 | Spring Health publicly displays HIPAA, HITRUST, and current SOC 2 audit-period badges/claims through its trust center. | partially verified medium | SRC-021SRC-022 |
| EC-017 | Spring Health identifies April Koh as CEO/co-founder and Adam Chekroud as President/co-founder. | verified high | SRC-017 |
| EC-018 | Spring Health publicly lists a scientific advisory board including John Krystal and Myrna Weissman. | verified medium | SRC-017 |
| EC-019 | Adam Chekroud is linked to peer-reviewed machine-learning research on depression-treatment outcome prediction. | verified high | SRC-025 |
| EC-020 | Public personnel signals show active hiring and hypergrowth/culture positioning, but exact headcount and turnover are not public. | partially verified medium | SRC-018SRC-019SRC-020 |
| EC-021 | Lyra, Modern Health, and Headspace directly compete for employer/workforce mental-health benefit budgets. | verified medium | SRC-026SRC-027SRC-028 |
| EC-022 | BetterUp, Included Health, and Teladoc create adjacent competition around coaching, navigation, virtual care, and behavioral health. | verified medium | SRC-029SRC-030SRC-031 |
| EC-023 | A public CourtListener exact search for “Spring Care, Inc.” returned zero opinion results in this run. | inconclusive medium | SRC-032 |
| EC-024 | Spring Health terms assert proprietary rights in the website, questionnaires, app, and services and disclose third-party materials. | verified medium | SRC-024 |
| EC-025 | Spring Health publicly names major enterprise customers and states 10M+ lives/400+ employers/27,000 groups in the Series E announcement. | partially verified medium | SRC-002SRC-005 |
| EC-026 | Public sources do not disclose audited financial statements, ARR, revenue, gross margin, burn, AR aging, or backlog. | not publicly verifiable high | SRC-002SRC-003SRC-004 |
| EC-027 | Spring Health’s care model and data categories create regulated provider-network, clinical-quality, and privacy exposure. | verified medium | SRC-007SRC-008SRC-023 |
| EC-028 | Spring Health claims global operating reach, including over 200 regions in 2020 and later 20M covered lives globally. | partially verified medium | SRC-004SRC-005SRC-006 |
| EC-029 | Guardian Life was announced as a strategic investor/provider collaborator in the Series C financing. | verified medium | SRC-003 |
| EC-030 | Spring Health’s about page surfaces public leadership/board-news cards beyond the founders. | partially verified medium | SRC-017 |
| EC-031 | Spring Health publicly describes product expansions including Global, Community Care, SpringWorks, and quality/crisis accreditation. | partially verified medium | SRC-002 |
| EC-032 | Spring Health terms include liability limitations and third-party-material disclaimers relevant to customer and regulatory diligence. | verified medium | SRC-024 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.