Manufacturer of custom 3D printed insoles, SOLS, lays off 20% of its staff ahead of their new product launch due in a few weeks.
Founded by Kegan Schouwenburg in 2013, the startup has developed customised insoles produced using 3D printing technology. The company headquartered in NYC also offers its custom manufactured wearables through podiatrists and physical therapists across the USA. Therefore the patient’s feet are scanned using the SOLS app. Consumers are offered the same approach using the SOLS iPhone app. In March this year, the company secured $ 11.1 million in funding, with significant contributions from Founders Fund, Lux Capital, Tenaya Capital and Melo7 Tech Partners.
The 20% staff reduction represents of a total of 14 employees across all teams, who are provided with severance packages. Kegan Schouwenburg states: “As we broaden our product offerings, we are exploring distribution channels to extend our core medical business and support our overall strategy. There will be an exciting product announcement in the next several weeks. We are sad to see our colleagues go, but believe these changes will enable focus, and set us up for greater success.”