Despite the layoffs, Bailey assured that the company will be on a strong financial footing moving forward. The company aims to focus on accelerating the growth of its AI features and products, with a new AI platform set to launch next year. The platform will combine its technology with generative AI, allowing customers to ask conversational questions about the insights it generates. The company has raised over $1 billion in funding so far, with a valuation north of $4 billion.
Key takeaways:
- Dataminr Inc., a big-data insights company, is planning to cut 20% of its workforce, which equates to around 150 jobs, as part of a restructuring plan to reduce costs.
- The company's founder and CEO, Ted Bailey, cited the current economic downturn as the reason for the layoffs, stating that they were necessary to achieve operational efficiencies and accelerate the development of its artificial intelligence platform.
- Dataminr uses AI algorithms to scan the public web for emerging developments of interest to its business customers, delivering real-time alerts based on data from over 100,000 public sources.
- The company has raised over $1 billion in funding to date, with a valuation exceeding $4 billion. However, it's unclear what the company's current financial situation is.