Biofourmis axes staff again, including 45 in Singapore; healthtech vacating office here: sources
HEALTHTECH unicorn Biofourmis is conducting a second major round of layoffs affecting around 45 staff in Singapore and at least 85 staff globally, sources familiar with the matter told The Business Times (BT).
This comes some three months after the company laid off about 120 employees across the three cities where it operates – Singapore, Boston and Bengaluru.
Biofourmis will also be vacating its office space in Singapore by December, with the remaining employees working from home permanently, according to sources. Its listed business address is an office space in Vision Exchange at Jurong East.
This latest move will leave the company’s operation in Singapore with about 26 people. BT also understands that not all affected staff in Singapore were laid off immediately, with 16 employees having to serve notice periods ranging from a few weeks to the end of the year.
The company informed staff in Singapore of the development on Oct 5 (Thursday) morning, asking that they work from home that day. Employees were told to expect “a series of conversations regarding some adjustments to our organisation”, stated an e-mail to the Singapore office seen by BT.
Affected staff were invited to one-on-one virtual meetings notifying them of their termination, and were required to return their laptops the next day, BT understands.
At least 20 staff in the US and 21 staff in India have also been laid off, said sources.
This round of layoffs comes as the company seeks to further cut costs and focus its strategy on the US market, which is the company’s largest revenue contributor, said people familiar with the matter.
BT has reached out to Biofourmis for comment.
This round of layoffs marks the latest snag in a turbulent time for the company, whose founder Kuldeep Singh Rajput abruptly stepped down in August. Biofourmis, founded in 2015, pairs wearable technology with its analytics software to personalise healthcare treatments.
One of its biggest investors, General Atlantic, stepped in then, appointing operating partner Ben Wanamaker to lead the new CEO office set up to direct Biofourmis’ operations.
The company’s latest financial statements filed for FY2020 showed that revenue increased from US$777,938 in FY2019 to US$4.2 million in FY2020. However, losses widened from US$11 million to US$20.1 million in the same period, filings accessed from VentureCap Insights indicated. Biofourmis did not file statements for FY2021 and FY2022.
