CEO Othman Laraki confirmed the layoffs March 1 on LinkedIn, saying Color plans to concentrate on distributed testing and telehealth for government programs and prevention tools for employers and large healthcare companies.
“With a reinvestment in our core business and the trust of our customers, we are focused on delivering high access, high impact population healthcare programs that help everyone lead the healthiest life that science and medicine can offer,” Mr Laraki wrote. “While yesterday was a difficult day for our team, we are optimistic about our future as a company and the impact we will have.”
Color raised $167 million in January 2021 before being valued at $4.6 billion that November.
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