Chip company Inuitive laying off 20% of workforce as CEO retires
Chip company Inuitive laying off 20% of workforce as CEO retires
Inuitive, which focuses on 3D imaging, has raised approximately $200 million to date.
The Israeli chip company Inuitive has laid off about a fifth of its 80 employees, Calcalist has learned. Simultaneously, the company's CEO, Shlomo Gadot, who is also one of its founders, has retired from his position. To ensure continuity, the company's board of directors has appointed Dor Zepeniuk, the company's co-founder, as the new CEO.
According to estimates, Gadot's retirement is due to reaching retirement age. Gadot is a veteran entrepreneur, also founding Modem Art which was acquired by Agere system in 2005 for $145 million. He was also the CEO of Percello, which was acquired by Broadcom in 2010 for $100 million.
Inuitive was established in 2012 by Gadot and Zepeniuk. The fabless semiconductor company focuses on 3D imaging. It has developed technology that optimizes consumer experiences and enhances competitive advantages in the areas of robots, drones, augmented reality, and virtual reality. The company's product combines algorithms, ASIC, and system solutions to realize the AI practice enabling devices to acquire more human-like capabilities.
To date, the company has raised approximately $200 million, with the latest funding round in 2020 led by the Chinese company Yinniu Microelectronics. Other investors in the company include the 7-Main family office owned by the Wertheimer family, Deutsche Telekom's investment arm, the Horesh family, which imports Toyota vehicles to Israel, and the investment arm of Taiwanese electronics giant Foxconn.
