Biofourmis To Vacate Office In Vision Exchange
SINGAPORE – Sources revealed that Biofourmis, a healthtech startup whose valuation reached US$1.3 billion last year, intends to vacate its Singapore office space by December 2023, reported The Business Times on Monday evening (9 October, SGT).
The company, which is developing digital therapeutics and artificial intelligence (AI) to remotely monitor patients, is said to be leaving its office at Vision Exchange in Jurong East. Established in 2015, Biofourmis creates wearable technology that is powered by analytics software in a bid to personalise healthcare treatments.
The looming exit from Vision Exchange comes after Biofourmis announced a 2nd major round of retrenchments affecting about 45 employees in Singapore and at least 85 workers across the globe. Consequently, the healthtech unicorn will have a remainder of 26 people in Singapore, who have been asked to work from home permanently from December.
Three months ago, the startup laid off around 120 staff across the three cities where it operates – Boston, Bengaluru, and Singapore.
The latest round of layoffs comes amidst a difficult time for the healthtech startup, whose founder Kuldeep Singh Rajput unexpectedly resigned in August 2023. Back then, General Atlantic, one of the company’s largest investors, appointed operating partner Ben Wanamaker as the new Chief Executive.
The sources shared that the latest round of retrenchment comes as Biofourmis seeks to further slash costs and focus its business on the US, the market that contributes the biggest share of the firm’s revenue.
Biofourmis’ latest financial statements filed for financial year 2020 revealed that the startup’s revenue rose to US$4.2 million from US$777,938 in FY2019. But its losses increased further from US$11 million to US$20.1 million over the same period. As for the financial results for FY2021 and FY2022, the company did not file any statements.