Eigen Labs Lays Off 25%, Shifts Focus to EigenCloud Business
Powered by ChatGPTOn July 9, Blockworks reported that decentralized verification network Eigen Labs has laid off 29 employees, representing 25% of its total workforce, and is shifting its focus to its EigenCloud product.
Eigen Labs CEO Sreeram Kannan said in an internal memo that the layoffs are intended to "reorganize resources around product and key user scenarios, streamline the team and leadership, and provide us with years of cash reserves to focus on building and growing EigenCloud." According to an Eigen Labs spokesperson, the layoffs were not for financial reasons, and the project still has ample funding.
It is reported that EigenCloud is a developer platform focused on off-chain and on-chain verification, which was released last month. At that time, venture capital firm a16z announced a $70.00 million investment. Eigen Labs has raised a total of $220.00 million in funding. [Deep Tide TechFlow]