Otonomo Layoffs
December 2022
Otonomo announced a layoff affecting 80 employees (50% of its workforce) in December 2022. The company operates in the Transportation sector.
80
50%
Dec 8, 2022
Company Information
- Industry
- Transportation
- Country
- IL
- Region
- Tel Aviv, Non-U.S.
About
Israeli autotech company Otonomo is laying off approximately 80 employees, representing almost 50% of its remaining workforce, as announced in December 2022. This marks the company's second major round of layoffs in 2022, following earlier cuts in August. The layoffs affect teams across Israel, the U.S., and Europe, including the entire group from the acquired startup Neura, as well as sales, marketing, and product staff. Facing severe financial challenges, Otonomo has lost over 95% of its market value since its SPAC merger at a $1.26 billion valuation. The company, which operates a data marketplace for connected vehicles, cited the need for significant restructuring to navigate difficult market conditions.
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support@layoffs.nlCompany Information
- Industry
- Transportation
- Country
- IL
- Region
- Tel Aviv, Non-U.S.