Well being knowledge startup Komodo Well being has laid off 9% of its workers as half of a bigger restructuring of its enterprise.
The COVID-19 pandemic created alternatives for the analytics firm, Komodo’s cofounders Arif Nathoo and Internet Solar wrote in a message to workers that was additionally posted on LinkedIn. However the present financial setting is forcing its clients to significantly take into account their buying choices.
“As a enterprise, we proceed to be properly positioned to climate these modifications — we offer crucial visibility into the healthcare system to assist the strategic choices enterprise healthcare leaders have to make,” they wrote. “That mentioned, we now have a duty to all of you — our workforce and shareholders — to speculate responsibly in that progress. We now have all the time prided ourselves on working a capital environment friendly enterprise, and at present we’re taking steps to make sure that we’re properly positioned for the present world round us.”
Based on reporting by TechCrunch and Fierce Healthcare, Komodo additionally lately closed a $200 million structured fairness infusion led by Coatue Administration with participation from Dragoneer Funding Group.
The startup final introduced a $220 million Sequence E spherical in March 2021 that boosted its valuation to $3.3 billion.
THE LARGER TREND
Based in 2014, Komodo presents a knowledge platform that collects de-identified affected person encounters. That data can be utilized to create software program for all times science firms and insurers to find out how affected person experiences connect with well being outcomes.
Although rumors prompt the corporate was concentrating on an IPO this yr, Insider reported final month that difficult financial situations pushed the corporate to rethink its plans.
After a booming yr of digital well being funding and public exits in 2021, few firms have taken the plunge into the general public markets this yr. Quite a lot of digital well being and well being tech startups have laid off staffers.
Dr. Sunny Kumar, companion at GSR Ventures, instructed MobiHealthNews the economic system and threats of recession will encourage healthcare business gamers to investigate their spending subsequent yr.
“In case you take a look at the entire patrons — whether or not that be well being techniques, payers, pharma, even shoppers themselves — all of them are going to be somewhat bit extra conscientious with their spending,” he mentioned. “So, what we have seen already is that anyone promoting to these clients has to make it possible for their answer is both mission crucial or producing an especially excessive worth proposition.”