Israeli cybersecurity startup CyCognito has laid off approximately 30 employees, representing about 15% of its workforce of around 185 people. The layoffs, announced in December 2022, affect staff in both Israel and the U.S., with an estimated half of the impacted roles based in Israel. Co-founder Dima Potekhin cited the need to reduce cash burn and prepare for an anticipated difficult recession as the primary reasons, aiming to avoid raising new capital during the market downturn. This move comes just one year after the company secured a $100 million Series C funding round at an $800 million valuation.
