Biofourmis confirms the layoffs of 120 employees worldwide

AI-backed remote monitoring and digital therapy company Bioants confirmed to have laid off 120 employees worldwide, including 48 in the United States

The Boston-based company offers 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 received FDA Breakthrough Device Designation in 2021. The tool aims to track patients and help them optimize their medication dosage.

The company also provides a virtual specialist care platform called Biofourmis treatmentfocused on the management of patients with chronic conditions such as hypertension, lipid management, heart failure and diabetes.

“Biofourmis is revamping its global workforce, which includes a reduction of 48 employees in the United States. The greatest impact will come outside of the United States, as the company focuses on accelerating growth in the U.S. market. Most roles are operational and administrative; the company will maintain its investment in commerce,” a Biofourmis spokesperson said. MobiHealthNews in an email.

THE GREAT TREND

The layoffs come a year after the company scored $300 million in Series D funding, bringing it to unicorn status with a valuation of $1.3 billion. Four months later, the company announced that it had added $20 million in turn series D.

He scored $100 million in Series C funding in 2020.

Earlier this year, the company announcement a four-year collaboration with the Georgia-based health system Augusta University Health to expand its virtual home care program to ease the burden of emergency department and inpatient hospital operations.

This too announcement a multi-year agreement with the Florida-based company Orlando Healthwhich would leverage Biofourmis’ offerings to support the non-profit healthcare organization’s delivery of a hospital-at-home program.

Other companies offering remote patient monitoring include Current health, acquired by Best Buy in 2021, and Cadencea remote monitoring and virtual care platform that aims to manage conditions such as COPD, hypertension, heart failure and type 2 diabetes.