Eigen Labs reduce its workforce by 25%, dropping 29 roles, as CEO Sreeram Kannan mentioned he restructured the corporate to deal with creating EigenCloud, what he known as a “verifiable” various to present, opaque cloud providers.
The Seattle-based startup mentioned the dismissals weren’t a cash-crunch response. The comany is backed by $220 million in enterprise funding, together with a $100 million Collection 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, formidable aim: to construct the world’s first verifiable cloud platform,” Kannan mentioned in a put up on X. “We transfer ahead with a tighter technique, renewed vitality, and a crew laser-focused on our mission.”
EigenLayer, the restaking protocol that underpins the mission, and its data-availability sibling EigenDA will stay on-line as a part of EigenCloud, Kannan added in separate put up.
Workers leaving firm will obtain three months of pay, accelerated token vesting, continued well being protection, and assist discovering new jobs, he mentioned. He additionally invited different crypto companies to recruit the departing employees, signaling a want to maintain expertise contained in the ecosystem.
