Cloud security unicorn cuts 20% of staff after raising $1.3b

Cloud security company Lacework has laid off 20 percent of its employees, just months after two record-breaking funding rounds pushed its valuation to $8.3 billion.

A spokesperson wouldn’t confirm the total number of employees affected, though told The Register that the “widely speculated number on Twitter is a significant overestimate.”

The company, as of March, counted more than 1,000 employees, which would push the jobs lost above 200. And the widely reported number on Twitter is about 300 employees. The biz, based in Silicon Valley, was founded in 2015.

The layoffs come amid crashing markets that have prompted job cuts and hiring freezes across the entire tech industry.

We’re told the Lacework co-CEOs notified employees via email about the bad news earlier this week, and on Wednesday the firm posted the letter on its website. 

“Today, we made the very difficult decision to say goodbye to some of our colleagues, as part of a restructuring and modification to the company plan, co-CEOs David Hatfield and and Jay Parikh wrote

The pair cite the “seismic shift” in the public and private markets in recent months, and noted their “responsibility to control how we operate our business and make changes as needed to best position the company for continued and long-term success.”

“We have adjusted our plan to increase our cash runway through to profitability and significantly strengthened our balance sheet so we can be more opportunistic around investment opportunities and weather uncertainty in the macro environment,” the email continued. “We remain 100

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