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 workers, 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 clients to speed up their transformations, resulting in greater high quality take care of sufferers and populations, improved affected person experiences, and higher monetary and operational efficiency,” cofounder and CEO Abhinav Shashank stated in a press release. “This will probably 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 massive 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, 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 financial system as a contributing issue.
In January, diagnostics firm Cue Well being stated it will lay off about 26% of its workers; hybrid supplier Carbon Well being introduced extra layoffs; Alphabet’s Verily stated it will lower workers amid a bigger restructuring; prescription digital therapeutics firm Akili Interactive reported it will lower 30% of its workforce; and digital care large Teladoc Well being laid off 300 workers.
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