Call9 is shutting down operations and it let go about 100 people in the process, CEO Timothy Peck told CNBC. But he is continuing to run the company's medical unit, and is planning to pivot the business.
The company had raised $34 million but struggled to secure additional financing.
The company had raised $34 million in venture capital but struggled to secure additional capital to scale its business and manage the high cost of running a health-care business. The company said it laid off about 100 employees in the process of winding down. Peck said Call9's struggles are part of a larger trend in health care. Start-ups are sprouting up to take advantage of recent shifts with U.S. health care, namely the transition from "fee for service," which involves payment for tests and procedures, to "value-based care," which involves providing high-quality and efficient health care at the lowest price.
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