Eigen Labs reduced his workforce by 25%and lost 29 roles when CEO Sreeram Kannan said he restructured the company to focus on developing Eigencloud what he called an “verifiable” alternative to existing, opaque cloud services.
The Seattle-based startup said the redundancies were not a cash crush response. Comany is supported by $ 220 million in Venture financing, including a $ 100 million Series B round led by A16Z in February, giving it a valuation of $ 1 billion.
“As difficult as these changes are, they sharpen our focus as a company and ensure that our teams are structured to sustainable to pursue a simple, ambitious goal: to build the world’s first verifiable cloud platform,” Kannan said in a post of X. “We are moving forward with a tighter strategy, renewed energy and a team -focused on our mission.”
Eigenlayer, the Restaking protocol that supports the project, and its data-data-sibling siblings remain online as part of Eigencloud, Kannan added in a separate post.
Employees who leave company will receive three months’ salary, accelerated token earnings, continued health coverage and help find new jobs, he said. He also invited other cryptic companies to recruit the departure staff and signal a desire to keep talent in the ecosystem.
