Cyber startup Identiq to lay off almost half of its workforce
Cyber startup Identiq to lay off almost half of its workforce
The Israeli company, which raised a $47 million Series A three years ago, is cutting around 20 of 45 jobs
Identiq, which has developed an anonymous identity validation network, is set to lay off about 20 of its 45 employees, Calcalist has learned. The company announced on Monday its intention to undergo reorganization, during which employees in Israel and the U.S. will be laid off, including interns and freelancers.
Founded in 2018 by CEO Itai Levy, Uri Arad, and Ido Shilon, Identiq announced a significant Series A round in 2021, raising $47 million. Prior to this, it raised a Seed round of $5 million. The company has developed a solution that enables companies to jointly validate consumer identities, payment details and other sensitive information without sharing or exposing any private data.
Among the company's investors are the American investment fund Insight Partners, Entrée Capital, the Sony Innovation investment fund, Amdocs, and the Israeli firms Vertex Ventures Israel, Oryzn Capital and Slow Ventures.
The company stated, "Identiq will reduce its activity to focus on the leading solutions among all its products. This change will allow the company to concentrate its development efforts on the product lines that provide the most value to its customers. This decision was necessary to ensure the long-term growth of the company. We will continue to support departing employees, who are all excellent professionals, and assist them in finding the next step in their careers."
