Biofourmis, the AI-backed remote monitoring and digital therapeutics company, has officially confirmed the layoff of 120 employees globally, with 48 of them being workers based in the US. 

The company based in Boston provides home care tools aimed at remotely monitoring acute and post-acute patients. These tools are designed to alert a care team whenever a patient's condition deviates from their personal baseline.

In addition to its remote monitoring services, the company also provides digital therapies, such as the BiovitalsHF software, specifically designed for heart failure management. This software obtained FDA Breakthrough Device Designation in 2021 and is intended to monitor patients while assisting them in optimizing their medication dosages.

Biofourmis also offers a virtual specialty care platform known as Biofourmis Care, which is dedicated to the management of patients with chronic conditions like hypertension, lipid management, heart failure, and diabetes.

"Biofourmis is reorganising its global workforce, which includes a reduction of 48 employees in the US. The largest impact will come outside the US as the company focuses on accelerating growth in the US market. Most of the roles are operational and administrative; the company will maintain its investment in commercial," a spokesperson for Biofourmis told MobiHealthNews in an email.

One year following the company's achievement of unicorn status and a valuation of $1.3 billion through a successful Series D funding round of $300 million, Biofourmis is now facing layoffs. Additionally, four months after that funding round, the company disclosed an additional $20 million investment in its Series D round.

In 2020, Biofourmis secured $100 million through a Series C funding round. This year, the company made headlines when it announced a four-year collaboration with Augusta University Health, a health system based in Georgia. The collaboration's primary goal is to expand the Virtual Care at Home program, which aims to alleviate the pressure on emergency department and inpatient hospital operations.

Biofourmis also revealed a multi-year agreement with Orlando Health, a healthcare organization based in Florida. Through this collaboration, Orlando Health will utilize Biofourmis' solutions to enhance its delivery of a hospital-at-home program