Hinge Health, a nine-year-old firm that gives a digital answer to deal with continual musculoskeletal (MSK) situations, lower roughly 10% of its workforce on Thursday, TechCrunch has completely realized.
The corporate stated individuals who have been laid off labored throughout varied features; in response to staff posting on LinkedIn, some have been engineers. Earlier than the layoffs, Hinge had greater than 1,700 staff, in response to a LinkedIn estimate.
“As we continue to reimagine musculoskeletal care, we are also committed to building a long-term sustainable business,” an organization spokesperson stated in a press release. “To accelerate our path to profitability, speed up decision making, and better focus our investments, we have made the decision to realign our organization. We are incredibly grateful for all our departing team members’ contributions and are focused on supporting them through this transition.”
The layoffs come as the corporate prepares for an IPO and goals to achieve profitability.
The corporate didn’t touch upon the timing for its IPO, however Hinge has stated beforehand that it’s not under pressure to hit the public markets this year because it nonetheless has $400 million of money on its stability sheet.
Hinge was last valued at $6.2 billion in October 2021 when it raised a $400 Sequence E from Tiger International and Coatue Administration. The corporate has raised a complete of $828 million, in response to PitchBook knowledge.
The corporate’s major competitor is Common Catalyst and Khosla Ventures-backed Sword Well being, which was last valued at $2 billion in November 2021.
