AI-startup CloudMinds Slashes Workforce by Over 200

AI, CloudMinds, Workforce, cloud robotics, US, Japan, stock market
AI-startup CloudMinds Slashes Workforce by Over 200

AI-startup CloudMinds Slashes Workforce by Over 200

Cloud robotics and AI firm CloudMinds is slashing its global workforce, reports Reuters. The SoftBank-backed start-up is laying off around 175-225 employees from its 700-strong workforce in China. Following the layoffs, CloudMinds will remain with only a nominal presence in the US and Japan. The Silicon Valley office will be closed, and a small number of remaining staff will be moved to an office in Irvine, California.

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The company is reducing its global workforce as it burns through cash after repeated attempts to list on the stock market, said the report. In June 2018, CloudMinds suffered a net loss of almost $100 million as compared to a loss of $65 million in the same period a year earlier.

Source: https://in.reuters.com/article/softbank-group-cloudminds/softbank-backed-cloudminds-slashes-workforce-amid-cash-burn-sources-idINKBN1ZN10N

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