Biofourmis CEO steps down a month after global layoffs

AI-backed remote monitoring and digital therapeutics company Biofourmis confirmed the company’s cofounder Kuldeep Singh Rajput stepped down as its CEO just one month after the company laid off 120 employees worldwide, 48 of whom were in the U.S.  

“He remains committed to providing support and advice to the company going forward,” Biofourmis told MobiHealthNews in an email. “We thank Kuldeep for his vision and service to Biofourmis and wish him success in his future endeavors, and we are conducting a search for a new chief executive.”

The Boston-based company said that Ben Wanamaker has been appointed to its board of directors and will oversee its new “Office of the CEO.”

“The company has instituted an Office of the CEO, which includes Maulik Majmudar, chief medical officer and cofounder of Biofourmis; Renika Seghal, chief financial officer; Milan Shah, chief technology officer; Daniel Song, general counsel; and Jaydev Thakkar, chief operating officer. This Office of the CEO will direct the company’s regular operations and Ben Wanamaker will have oversight of the Office,” Biofourmis told MobiHealthNews. 

Wanamaker most recently served as vice president of enterprise strategy at Humana and previously held the positions of vice president and general manager of analytics product at Aetna and director of strategy and operations of health services at Walmart. 

“Biofourmis is a leader in the technology-enabled healthcare delivery market, and we are committed to our mission to transform healthcare by harnessing the power of technology and data,” the company said. 

THE LARGER TREND

Biofourmis, which offers home care tools to help remotely monitor acute and post-acute patients and a virtual specialty care platform called Biofourmis Care focused on managing patients with chronic conditions, confirmed to MobiHealthNews that it laid off employees in operational and administrative roles last month to focus on “accelerating growth in the U.S. market.” 

The layoffs came approximately a year after the company scored $300 million in Series D funding, bringing it to unicorn status with a valuation of $1.3 billion. Four months later, the company added $20 million to its Series D round. 

In 2020, Biofourmis garnered $100 million in Series C funding.

Earlier this year, the company announced a four-year collaboration with Georgia-based health system Augusta University Health and a multi-year agreement with Florida-based Orlando Health.  

Other companies in the remote patient monitoring space include Best Buy’s Current Health, health tech company Withings Health Solutions and virtual care platform Cadence.