Antidote Health confirmed it has laid off staffers this week, about seven months after the telehealth startup announced its $22 million Series A round.
According to reporting by Calcalist, the company has let go of about a third of its workforce, with most cuts coming from its research and development team. Antidote offers virtual primary care, mental healthcare and hypertension management as well as online prescriptions and refills.
“Antidote announced 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 that the company can achieve its long-term aim of providing affordable, quality care to millions of Americans.”
THE LARGER TREND
Antidote launched in January 2021, announcing a $12 million seed raise later that year. At that time, the startup said it was headquartered 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 alongside its seed to expand its services in the U.S. and support research and development for AI screening and clinical decision support capabilities. Milwaukee Bucks player Giannis Antetokounmpo has also invested in the startup this year.
Telehealth use has declined from its peak during the height of the COVID-19 pandemic, though it makes up a larger portion of care than it did in the pre-pandemic era. Still, there are a number of virtual care startups and more established telehealth companies competing in the market.
There have also been a spate of layoffs affecting digital health and health tech companies so far this year.
According to reporting by the Wall Street Journal, digital mental health company Cerebral is cutting about 20% of its staff as it restructures its business. Virtual weight loss company Noom also recently confirmed another round of layoffs.