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Innovaccer, a well being information analytics startup that reached unicorn standing in 2021, has laid off 245 staff, or about 15% of its workforce.
First reported by Inc42, the cuts mark the corporate’s second spherical of layoffs in a number of months. In September, Innovaccer confirmed it had laid off 90 employees, which made up 8% of its workforce on the time.
Innovaccer stated the cuts have an effect on staff throughout geographies and firm verticals.
“Innovaccer has all the time believed in empowering its clients to speed up their transformations, resulting in greater high quality look after sufferers and populations, improved affected person experiences, and higher monetary and operational efficiency,” cofounder and CEO Abhinav Shashank stated in an announcement. “This shall be our central focus because the trade shifts from a predominantly fee-for-service mannequin to value-based, consumer-centric care. Therefore, we’re taking the much-needed step of doubling down on our core capabilities and streamlining our organizational focus.”
THE LARGER TREND
Innovaccer introduced two giant funding rounds in 2021, together with a $105 million Series D that propelled it to a $1.3 billion valuation and a $150 million Series E that bumped it to $3.2 billion. The corporate was based in 2014.
Digital well being funding slowed significantly final 12 months after a increase in 2021, notably for later-stage investments. Numerous digital well being and well being tech firms have pursued layoffs because the summer time, usually citing the bigger economic system as a contributing issue.
In January, diagnostics firm Cue Health stated it might lay off about 26% of its workers; hybrid supplier Carbon Health introduced extra layoffs; Alphabet’s Verily stated it might minimize workers amid a bigger restructuring; prescription digital therapeutics firm Akili Interactive reported it might minimize 30% of its workforce; and digital care big Teladoc Well being laid off 300 employees.
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