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Inhabitants well being know-how firm Color introduced it had laid off staff because it pivots focus away from COVID-19 testing.
In response to posts by former workers on LinkedIn, the corporate minimize 300 jobs. Shade CEO Othman Laraki confirmed the layoffs in his own post, saying the corporate was downsizing its groups centered on COVID-19 testing given the looming end of the public health emergency and lowered buyer curiosity in pandemic-related companies.
Laraki mentioned the corporate would deal with its testing and telehealth infrastructure for presidency applications, and likewise its prevention instruments for employers and healthcare purchasers.
“Amidst change, we’ll proceed to assist present applications and enhance entry for underserved populations. With a reinvestment in our core enterprise and the belief of our clients, we’re centered on delivering excessive entry, excessive influence inhabitants healthcare applications that assist everybody lead the healthiest life that science and drugs can provide. Whereas yesterday was a tough day for our crew, we’re optimistic about our future as an organization and the influence we could have,” he wrote.
THE LARGER TREND
Shade raised two giant rounds of funding in 2021, together with a $167 million Series D and a $100 million Series E. The corporate, which beforehand focused on genomics earlier than pivoting to public well being tech, added behavioral health services with the acquisition of Temper Lifters final 12 months.
Layoffs at digital well being and well being tech firms surged in 2022, together with at startups that had raised important quantities of investor {dollars} in 2021.
A declining deal with COVID-19 has additionally impacted some firms. Lucira Well being, which develops dwelling diagnostic checks, just lately filed for bankruptcy simply as the corporate obtained the primary Emergency Use Authorization from the FDA for an over-the-counter at-home mixture COVID-19 and flu take a look at. The corporate mentioned the regulatory course of had taken longer than it anticipated and demand for its COVID-19 checks had slowed in 2022.
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