TechFlow, July 9 — According to Blockworks, decentralized validation network Eigen Labs has laid off 29 employees, representing 25% of its workforce, and is shifting focus toward its EigenCloud product.
Sreeram Kannan, CEO of Eigen Labs, stated in an internal memo that the layoffs aim to "reorganize resources around products and key user scenarios, streamline the team and leadership, and provide us with multi-year funding runway to focus on building and growing EigenCloud." A spokesperson for Eigen Labs confirmed the cuts were not due to financial constraints, noting the project still holds sufficient funds.
EigenCloud, a developer platform focused on off-chain and on-chain verification, was launched last month. At that time, venture capital firm a16z announced a $70 million investment. Eigen Labs has raised a total of $220 million to date.
