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Another sign of the choppy waters for VC-backed tech firms. New investments are very difficult to come by, and when they do, it is often at depressed valuations. So companies are reacting by trimming the sails and extended the cash runway before things get to tight. Too bad for those let go. 40% is a very big % cut.
Amazing that a company 15 years old with revenue of $41M is somehow able to raise 10x for new “investment”. The product line sounds very generic so I wonder how they were pitching future growth.
Also would be curious how much in government incentives and tax breaks they have collected over the years.