Artificial Intelligence: Olive AI Lays Off 450 Employees Citing Unfocused Growth

July 20, 2022 | Artificial Intelligence, News
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Olive AI pleaded “difficult but necessary organizational shifts.”

Healthcare-focused AI startup Olive AI has let go of 450 employees in an organizational and strategic rejig which it attributed to strategic missteps in pursuing a high-growth path.

Choose vision over status quo

“Olive’s values of ‘choose vision over status quo’ and ‘act with urgency’ drove us to make significant investments across the most pressing parts of healthcare, scale our teams and move quickly to bring solutions to the market,” Olive AI CEO Sean Lane said in a message to employees posted on Olive’s website. (Fierce Healthcare)

“The realities of today’s economy are forcing the company to rethink this approach,” Lane wrote.

“Our fast-paced growth and lack of focus strained our product and engineering resources and prevented us from executing quickly on key initiatives. I take responsibility for this.”

Olive is now focusing on achieving profitability earlier than planned through expanding its customer base, growing revenue, and creating value. The company has consolidated personnel across sales, customer, product and engineering divisions and eliminated roles that weren’t directly relevant to its decision to ramp its flagship revenue cycle management solution for providers and utilization management analytics for payers.

Olive is offering severance benefits, outplacement services, as well as 60 days of salary continuation to the employees that have been laid off.

Last year, Olive raised $400 million at a valuation of $4 billion to develop its enterprise AI for hospitals. It has raised $902 million since the company’s launch in 2012.

Related Story: Overjet Wins FDA Clearance For Its AI-Powered Software That Detects Dental Caries

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