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HomeHealth NewsDigital well being unicorn Innovaccer lays off 245 staff

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Digital well being unicorn Innovaccer lays off 245 staff

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Innovaccer, a well being information analytics startup that reached unicorn standing in 2021, has laid off 245 employees, 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 staff, which made up 8% of its workforce on the time.

Innovaccer stated the cuts have an effect on employees throughout geographies and firm verticals.

“Innovaccer has all the time believed in empowering its prospects to speed up their transformations, resulting in larger high quality look after sufferers and populations, improved affected person experiences, and higher monetary and operational efficiency,” cofounder and CEO Abhinav Shashank stated in a press release. “This can 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.” 

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THE LARGER TREND

Innovaccer introduced two giant funding rounds in 2021, together with a $105 million Collection D that propelled it to a $1.3 billion valuation and a $150 million Collection E that bumped it to $3.2 billion. The corporate was based in 2014.

Digital well being funding slowed considerably final yr after a growth in 2021, significantly for later-stage investments. Quite a few digital well being and well being tech corporations have pursued layoffs because the summer season, typically citing the bigger financial system as a contributing issue. 

In January, diagnostics firm Cue Well being stated it might lay off about 26% of its workers; hybrid supplier Carbon Well being 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 staff.

See also  Pediatric behavioral well being startup Brightline lays off 20% of its workforce

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