Eigen Labs reduced its workforce by 25%, losing 29 roles, since CEO Sreeram Kannan said he restructured the company to focus on developing Eigencloud, which called a “verifiable” alternative to existing opaque cloud services.
The Seattle -based startup said that layoffs were not a cash crunch response. The Comany is backed for $ 220 million in risk funds, including a B series round of $ 100 million directed by A16Z in February that gave it an assessment of $ 1 billion.
“As difficult for these changes, they exacerbate our approach as a company and ensure that our teams are structured to sustainably pursue a unique and ambitious objective: to build the first verifiable cloud platform in the world,” Kannan said in a publication on X. “We move forward with a narrower strategy, renewed energy and a team focused on our mission.”
Eigenlayer, the resting protocol that supports the project, and his brother of data availability Eigenda will remain online as part of Eigencloud, Kannan added in a separate publication.
Employees who leave the company will receive three months of payment, the acquisition of accelerated token, continuous health coverage and will help find new jobs, he said. He also invited other cryptographic companies to recruit the staff that comes out, indicating the desire to maintain talent within the ecosystem.
