Omada said the recent funds — which the company hopes to use to become “sustainable and profitable” — shed light on new goals, the company wrote in a statement to CNBC.
“It became clear we had to focus on Omada’s core business and expertise, while orienting the company for long-term success,” according to the statement. “Today we took the difficult but necessary steps that will allow Omada to continue its maturation as a leader in the digital health industry.”
Omada, which has raised more that $120 million to date, sells its behavioral medicine and diabetes prevention program to self-insured employers and payers.
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