Olive AI Inc. cut another 215 jobs on Thursday, following a larger workforce reduction last summer as it seeks to cut costs and focus its product lines.
The Columbus company is part of a wave of tech layoffs, including at Yahoo and Github the same day. So far more than 150,000 U.S. technology industry workers have lost their jobs since the beginning of the year, according to an online layoff tracker, a cumulative 400,000 since the start of 2022.
Olive made the reductions to "pursue our ability to make a positive impact on the healthcare industry," the company said in a statement provided to Columbus Inno. "The decision was based on the continued economic conditions affecting tech companies like Olive, as well as anticipation of continued financial strain among healthcare providers."
A number of Central Ohio and remote workers changed their LinkedIn profile to "open to work" following the move. The online publication Axios said the reduction represented 1/3 of the staff, citing anonymous sources.
Olive cut 450 jobs in July and said it would pare down to profitable core automation software for hospital and health insurance administration. In the fall it sold off some software products to a company that it had spun out of its Olive Ventures division.
In July 2021, Olive was valued at $4 billion after raising a $400 million round, the largest in state history. The company making AI-powered software to automate many hospital administrative tasks has raised a cumulative $848 million in venture capital since its 2013 founding. It's one of the first companies in the portfolio of Columbus VC firm Drive Capital LLC.
Olive purchased the former Anthem campus in Worthington last spring with a seller-financed mortgage to renovate into a new headquarters and customer demonstration center. A spokeswoman did not immediately answer questions about the project's status on Thursday.
