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.
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.