New York-based big data predictive insights provider Dataminr is to cut c.20% of its workforce as part of a restructuring exercise.
Starting life as a Twitter analytics specialist, the company has broadened its range of services to provide predictive insights on high-impact global events and news to clients in the government, financial services, media and other business sectors. In 2015 it raised a $130m funding, valuing it at $700m, and with a further $475 million raised in 2021 by this year the valuation had reached $4.1bn. However, CEO Ted Bailey said in a memo this week that the economic environment is requiring the firm to make operational efficiencies and focus on rapid development of its AI platform. Around 150 employees are thought to be affected by the cuts, although precise details of functions and individuals involved are not yet public.
According to news site TechCrunch, Bailey said Dataminr would launch a new AI platform in the first quarter of 2024, has 'multiple years of cash runway' and expects to achieve profitability in the near term.
Web site: www.dataminr.com .
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.