Clubhouse lays off more than 50% staff / Job openings in U.S. startups decline 52% / Prenuvo opens first MRI location in NYC

Plus, Proprio receives FDA clearance for surgical imaging tool

Inside.com Part of   Network April 28, 2023

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Clubhouse announced the layoff of more than 50% of its employees. As of Oct. 2022, the audio platform had 100 employees. More: "It's difficult for us to communicate the strategy to cross-functional teams when it's evolving by 1% each day, or to make quick changes when each surface is owned by a different product squad," said Paul Davison, CEO and co-founder of Clubhouse.  The company previously laid off an undisclosed number of employees in June 2022, as it sought to restructure amid a decreasing user base. Clubhouse says it has "years of runway" and is not implementing a hiring freeze. The startup reached unicorn status in Jan. 2021, reaching a post-money valuation of $4B after a $200M Series C in May 2021.

What the numbers say: In Mar. 2023, venture-backed U.S.-based startups posted 9,218 jobs, 52% lower than the peak value of 19,292 from Apr. 2022, per NGP Capital's State of Startup jobs in the U.S. 2023 report. The decline in the number of jobs posted correlates with the funding slump trend. Despite the slump, the number of jobs posted by seed-stage startups remained relatively constant since last year.  Relevance: Over 50% of the vacancies were posted by New York City and Bay Area startups, followed by 10% of jobs from Los Angeles and 9% from Boston. Job postings in Austin, New York, and the Bay Area declined by 58%, 55%, and 49% YoY, respectively. Miami was the sole exception that had a 27% YoY increase in the number of job postings.  Where to see the impact: Vacancies in VC-backed early and late-stage startups declined 53% YoY. On the other hand, hiring remained at 86% level from last March for seed-stage startups. Upal Basu, partner at NGP Capital, said, "While the economic slowdown had a significant impact on the startup jobs market, there are signs of recovery. New developments in AI will likely kick-start venture funding, leading to increased demand for new talent. We are optimistic for the remainder of 2023."

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Prenuvo announced the opening of its first whole-body MRI location in New York City. The company is seeking to use its previously raised $70M Series A to expand six to more than 12 locations by the end of 2023. More: Prenuvo's tech scans for more than 500 conditions, with the ability to detect most solid tumors at stage 1. The MRI can also detect aneurysms and cysts within an hour. The company was founded by Dr. Raj Attariwala and Andrew Lacy, founder of the Disney-acquired video game development company Tapulous. Prenuvo's locations include Boca Raton, Dallas, Redwood City, Los Angeles, and Vancouver, in addition to a partner location in Minneapolis.

The Paradigm surgical imaging tool for the spine developed by medical startup Proprio was the first of its kind to earn the Food and Drug Administration's 510(k) clearance. With the tool, surgeons will be able to see the spine in real time during operations.   More: Proprio's Paradigm product leverages light field computer vision, AI, and preoperative images to create a real-time 3D image of the spine.  The product will eliminate the need for mid-operation X-rays and high-radiation intraoperative scans during the procedure. Proprio claims that their product helps in reducing radiation exposure by tenfold.  The FDA clearance will allow the firm to bring its product to market.  The Seattle, Wash.-based has raised $42M in total venture funding to date, including a $23M Series A round led by DCVC in June 2020.

Levitate, a Raleigh-based SaaS support company, announced a $14M led by Bull City Venture Partners. The startup also launched an AI assistant that helps customers write and edit emails and social media posts.  More: Levitate was founded by Jesse Lipson, who founded ShareFile, which was sold to cloud company Citrix in 2011. The company claims more than 3,500 small business customers and 150 employees. The round included participation from Duke Capital Partners, Tippet Partners, Protagonist, and The Tweener Fund, among others. The company's other products include an HTML email builder, a template library, and customer satisfaction surveys.

New York-based startup Chief laid off 43 employees or 14% of its workforce. The startup cited the "challenging macroeconomic environment" as the reason behind the move. The layoffs will largely affect the U.S.-based offices, as its presence in the U.K. is smaller.  More: Chief is a private membership network that connects 20,000 women executive leaders.  The restructuring move will help the firm to focus on four priorities: in-person meetings, personalization, simplified digital experience, and embedded diversity, equity, and inclusion experiences.  Employees laid off received 12 weeks of severance and an extension to their healthcare insurance.  The firm had cemented its unicorn status with a $1.1B valuation at its last $100M Series B round in 2022.  Crunchbase data shows that the firm has raised $140M in total funding to date from investors such as CapitalG, General Catalyst, and Flybridge.

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Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot.  Nicolas is a Sr. Analyst at Inside, covering startups and transportation trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped start-ups.  Editor Vibha Chapparike is a Freelance Writer & Editor at Inside.com. With her post-graduation in Management and Finance completed, Vibha is expanding her knowledge in venture capital, business, startups, and technology. She has had a career in public relations and communications. An ardent reader and writer currently residing in Singapore, you can follow Vibha on Twitter @VChapparike.

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