HomeHEALTHDigital health unicorn innovator lays off 245 employees

Digital health unicorn innovator lays off 245 employees

innovatorA health data analytics startup that reached unicorn status in 2021 has laid off 245 employees, or about 15% of its workforce.

First reported by ink42The cuts mark the company’s second round of layoffs in as many months. In September, Innovasar confirmed that it had laid off 90 employees, which was 8% of its workforce at the time.

Innovasar said the cuts affect workers across geographies and company verticals.

In a statement, cofounder and CEO Abhinav Shashank said, “Innovasar has always believed in empowering its customers to accelerate their transformations, leading to higher quality care, better patient experience and better financial and health outcomes for patients and populations. operational performance.” “This will be our central focus as the industry shifts from a primarily fee-for-service model to value-based, consumer-centered care. Therefore, we look to double our core capabilities and streamline our Taking much needed steps. Organizational attention.”

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Innovaccer announced two large funding rounds in 2021, including a a $105 million Series D that propelled it to a $1.3 billion valuation and a $150 million Series E that raised it to $3.2 billion. The company was established in 2014.

digital health financing After a boom in 2021, there was a significant slowdown last year, especially for later-stage investments. Many digital health and health tech companies have laid off since the summer, often citing the larger economy as a contributing factor.

In January, the diagnostics company Q Health said it would lay off about 26% of its workforce; Hybrid provider Carbon Health announces more layoffs; Alphabet’s Verilli said it would cut staff amid a major restructuring; Prescription digital therapeutics company Akili Interactive reported it would cut 30% of its workforce; And virtual care giant Teladoc Health laid off 300 workers.

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