AI-powered remote monitoring and digital therapy company Biofourmis confirmed it laid off 120 employees worldwide, including 48 workers in the US
The Boston-based company provides home care tools to help remotely monitor acute and post-acute patients, alerting a care team when a patient’s condition changes from their personal baseline.
It also offers digital therapies, including a heart failure tool called BiovitalsHF software that it acquired FDA discovery device designation in 2021. The tool aims to monitor patients and help them optimize their medication dosage.
The company also offers a virtual specialty care platform called Biofourmis Care, focused on managing patients with chronic conditions such as hypertension, lipid management, heart failure and diabetes.
“Biofourmis is reorganizing its global workforce, which includes a reduction of 48 employees in the U.S. The biggest impact will come outside the U.S. as the company focuses on accelerating growth in the U.S. market. Most of the roles are operational and administrative; the company will maintain its investment in commercial,” said a Biofourmis spokesperson. MobiHealthNews in an email.
THE BIGGEST TREND
The layoffs come a year after the company scored $300 million in Series D funding, bringing it to unicorn status with a $1.3 billion valuation. Four months later, the company announced it raised $20 million in its Series D round.
He scored $100 million in Series C funding in 2020.
Earlier this year, the company announced a four-year collaboration with Georgia-based Augusta University Health to expand its Virtual Care at Home program to ease the burden on the hospital’s emergency department and hospital operations.
She too announced a multi-year agreement with Florida-based Orlando Health, which would leverage Biofourmis’ offerings to support the nonprofit healthcare organization’s delivery of a hospital-to-home program.
Other companies that offer remote patient monitoring include Current Health, acquired by Best Buy in 2021, and Cadence, a remote monitoring and virtual care platform that seeks to manage conditions such as COPD, hypertension, heart failure and type 2 diabetes.