Eigen Labs minimize its workforce by 25%, shedding 29 roles, as CEO Sreeram Kannan stated he restructured the corporate to focus on developing EigenCloud, what he referred to as a “verifiable” various to present, opaque cloud companies.
The Seattle-based startup stated the dismissals weren’t a cash-crunch response. The comany is backed by $220 million in enterprise funding, together with a $100 million Sequence B spherical led by a16z in February that gave it a $1 billion valuation.
“As troublesome as these adjustments are, they sharpen our focus as an organization and guarantee our groups are structured to sustainably pursue a single, bold purpose: to construct the world’s first verifiable cloud platform,” Kannan stated in a put up on X. “We transfer ahead with a tighter technique, renewed vitality, and a group laser-focused on our mission.”
EigenLayer, the restaking protocol that underpins the venture, and its data-availability sibling EigenDA will stay on-line as a part of EigenCloud, Kannan added in separate put up.
Staff leaving firm will obtain three months of pay, accelerated token vesting, continued well being protection, and assist discovering new jobs, he stated. He additionally invited different crypto companies to recruit the departing workers, signaling a want to hold expertise contained in the ecosystem.