October 26, 2022
1 min read

Health unicorn Cerebral cuts 400 jobs

A memo from its CEO, David Mou said the cuts would affect employees across the company, including at headquarters and among clinical care staff and support workers….reports Asian Lite News

San Francisco, Oct 25 (IANS) SoftBank-backed digital mental health company Cerebral is laying off about 20 per cent of its staff as it restructures its business.

According to The Wall Street Journal, nearly 400 people will lose their jobs, primarily clinical staff and care counselors.

A memo from its CEO, David Mou said the cuts would affect employees across the company, including at headquarters and among clinical care staff and support workers.

“The changes are part of Cerebral’s ongoing transformation programme, which drives to create more sustainable growth and stability, while further delivering our mission to democratise access to high-quality mental health care for all,” a Cerebral spokesperson was quoted as saying in reports.

“These changes are focused specifically on realising operational efficiencies while prioritising clinical quality and safety across the organisation,” the spokesperson added.

The care counselors meet patients regularly to manage medications prescribed by clinicians and provide support.

The company has come under scrutiny for making it easier to provide Attention-deficit hyperactivity disorder (ADHD) medication to potential clients.

In April, a former Cerebral executive sued the company, alleging he was fired after voicing concerns about unethical prescribing practices and patient safety issues.

The San Francisco-based company has raised more than $426 million to date, and was last valued at $4.8 billion.

Earlier this year Cerebral laid off “hundreds” of people, primarily affecting its support and operations team to improve its programmes.

ALSO READ: Crypto industry welcomes Sunak, a ‘champion of fintech’

Previous Story

Apple calls on global supply chain to decarbonise by 2030

Next Story

Sequoia eyes investment in homegrown edtech startup

Latest from Business

India’s E&M Sector Enters a New Growth Phase

India’s cinema market is multilingual, and many regional industries are now rivalling Hindi output in volume and box-office share … writes Rafeek Ravuther The Indian film sector is undergoing a meaningful transformation.

SBI Simplifying KYC Process

SBI’s research arm noted that the RBI’s decision to maintain the policy rate reflects a balanced approach amid global uncertainties, supported by stable liquidity and external conditions State Bank of India (SBI)

UPI Powers Digital Revolution

New innovations such as LiteX (offline payments), tap-and-pay, credit card integration, UPI Autopay, and UPI for IPO subscriptions are pushing the platform from a payment tool to a full-fledged embedded finance ecosystem Unified

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India
Go toTop

Don't Miss

India ‘Sees’ its 3rd Unicorn in 2024

Before Porter, India saw the birth of two unicorns —

Start-Up India Scheme Support Young Indian Entrepreneurs

Start-up India programme shores up 60,000 startup projects including 75