Cybersecurity company Deep Instinct went through layoffs this week, according to two people familiar with the company.
It’s unclear how many employees were let go or what percentage of the company was affected by the layoffs, which occurred on Monday. According to one employee who was laid off in this week’s job cuts, the downsizing affected employees in sales and business development roles.
Deep Instinct, founded in 2015 and based in New York, uses artificial intelligence to detect and prevent malware. Crunchbase News has reached out to two Deep Instinct representatives for comment, and will update this story if we hear back.
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Deep Instinct has raised more than $259 million in funding from investors including BlackRock and Millennium Technology Value Partners, according to Crunchbase data. It last raised a $67 million Series D led by Chrysalis Investments in July 2021.
The company is the latest in a string of tech companies to go through layoffs. Last year broke records for venture funding and many ramped up hiring. But the macroeconomic environment of this year has caused many companies to reel back.
Tech layoffs, public and private
Public companies like PayPal, Latch and Robinhood have all cut staff, along with high-profile private companies like Thrasio, Cameo and Glossier. Some, like Fast, have even shut down (you can learn more about tech layoffs in 2022 here).
Along with layoffs, some tech companies including Uber, Microsoft and Tesla have announced plans to pause or slow down hiring. Some, such as Coinbase, have rescinded accepted job offers. More than 17,000 employees have been laid off from U.S. tech jobs since the beginning of the year, according to a recent Crunchbase News estimate.
If you know of any tech companies that have had layoffs recently, please let Crunchbase News know using this form. We will keep you anonymous.
Illustration: Dom Guzman
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