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Collin Furtado · · 2 min readHealthtech unicorn Biofourmis cuts more jobs after merger
Healthtech unicorn Biofourmis axed about 30 employees from its Singapore and India offices at the end of November, people familiar with the matter told Tech in Asia. However, the exact number of retrenched staff per country remains unclear.
The move comes just a month after US-headquartered Biofourmis and General Atlantic-backed CopilotIQ announced a merger to form an AI-driven platform aimed at providing in-home healthcare.
Tech in Asia has reached out to Biofourmis for comment.
Photo credit: Biofourmis
Biofourmis underwent two rounds of layoffs last year. The first occurred before Kuldeep Singh Rajput, the company’s CEO at the time, stepped down in August 2023. The second involved 130 employees and took place months later in October, when the firm began winding down operations in Singapore.
Post-merger restructuring
According to Tech in Asia’s sources, the latest job cuts were intended to “rationalize the structure” following the merger and transfer most of Biofourmis’ operations to the US.
India is expected to remain the company’s engineering hub, while some Singapore-based staff were offered roles in their home country, the sources added.
Biofourmis, which integrates wearable technology with analytics software for healthcare treatments, is reportedly ramping up hiring efforts in the US. Following its merger with CopilotIQ, David Koretz has been appointed as CEO of both companies.
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Sources say that CopilotIQ, which specializes in solutions for at-home healthcare monitoring, will operate as a consumer brand. Meanwhile, Biofourmis will focus on serving business-to-business clients.
Biofourmis became a unicorn in 2022 after raising US$300 million in a series D round led by General Atlantic, a private equity firm based in New York. Originally established in Singapore, Biofourmis shifted its headquarters to the US in 2019.
Rajput, the company’s former CEO, launched his own new AI healthtech startup in October this year. He established OutcomesAI shortly after transferring his stake in Biofourmis to the firm’s current investors.
Editing by Thu Huong Le and Eileen C. Ang
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The startup is reportedly shifting most of its operations to the US following its October merger with CopilotIQ.
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