Antidote Health confirmed that it has laid off staff this week, some seven months after the telehealth startup announced its $22 million Series A Round financing
According to reporting for CalcalistThe company has laid off about a third of its workforce, with most of the cuts coming from its research and development team. Antidote offers virtual primary care, mental health care and hypertension management, as well as online prescriptions and refills.
“Antidote announced that it has adjusted staffing levels and other direct expenses caused by current challenges in the economy and market conditions,” an Antidote spokesperson wrote in an email to MobiHealthNews. “These changes will help ensure the company is able to achieve its long-term goal of providing quality, affordable care to millions of Americans.”
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Antidote launched in January 2021 and announced a Initial raising of $12 million later in that year. At the time, the startup said it was based in New York City with an R&D team in Tel Aviv, Israel.
When Antidote announced its Series A in March, the company planned to use the investment along with its seed funding to expand its services in the US and support research and development for AI detection and clinical decision support capabilities. milwaukee bucks player Giannis Antetokounmpo has also invested in the startup this year.
The use of telehealth has decreased from its peak during the height of the COVID-19 pandemic, although it constitutes a larger share of care than in the pre-pandemic era. Still, there are a number of virtual care startups and more established telehealth companies competing in the market.
There has been an avalanche of layoffs affecting digital health and health technology companies so far this year.
According to report of the Wall Street Journalthe digital mental health company Cerebral is cut about 20% of your staff while restructuring your business. The virtual weight loss company Noom also recently confirmed another round of layoffs.
