Digital well being unicorn Innovaccer lays off 245 staff

Innovaccer, a well being knowledge 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 staff, which made up 8% of its workforce on the time.

Innovaccer mentioned the cuts have an effect on staff throughout geographies and firm verticals.

“Innovaccer has at all times 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 mentioned in an announcement. “This shall be our central focus because the business 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 Sequence D that propelled it to a $1.3 billion valuation and a $150 million Sequence E that bumped it to $3.2 billion. The corporate was based in 2014.

Digital well being funding slowed considerably final 12 months after a growth in 2021, significantly for later-stage investments. Quite a few digital well being and well being tech firms have pursued layoffs for the reason that summer time, usually citing the bigger economic system as a contributing issue. 

In January, diagnostics firm Cue Well being mentioned it could lay off about 26% of its employees; hybrid supplier Carbon Well being introduced extra layoffs; Alphabet’s Verily mentioned it could lower employees amid a bigger restructuring; prescription digital therapeutics firm Akili Interactive reported it could lower 30% of its workforce; and digital care big Teladoc Well being laid off 300 staff.

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