Eigen Labs reduced its workforce by 25%, losing 29 roles, because the CEO Sreeram Kannan said it had restructured the company to focus on the development of Eigenloud, which it called a “verifiable” alternative to existing opaque cloud services.
The startup, based in Seattle, said that layoffs were not an answer to cash. The Comanyy is supported by $ 220 million in fundraising, including a series B of $ 100 million led by A16Z in February which gave it an evaluation of $ 1 billion.
“As difficult as these changes are, they sharpen our objective as a business and ensure that our teams are structured to pursue a single ambitious objective: to build the first Cloud platform verifiable in the world,” said Kannan in an article on X. “We are advancing with a tighter strategy, renewed energy and a laser-focal team in terms of mission.”
Eigenlayer, the replenishment protocol that underpins the project, and his brother to the evaiability of EIGENA data will remain online as part of Eigenloud, added Kannan in a separate article.
Employees leave the company will receive three months’ salary, accelerate the acceleration of tokens, continuous health coverage and will help find new jobs, he said. He also invited other cryptographic companies to recruit the outgoing staff, reporting a wish to keep talents inside the ecosystem.
