SQream slashes over 15% of workforce
The data analytics startup is laying off 30 of its 170 employees in order to help it reach a balanced bottom line
Data analytics startup SQream is laying off 30 of its 170 employees, most of them in Israel. The employees leaving the company will come from across its different departments. “These are people that had a significant part in our success and it is very hard for me to bid them farewell,” SQream founder Ami Gal told Calcalist. “I’m laying off very talented people that have taken us to the top and I will help them as much as I can.”
SQream, which acquired fellow Israeli company Panoply for an estimated $60-70 million last December, said it has a significant pipeline of orders. However, with its competition including the likes of Snowflake, Amazon, and Oracle, and the current financial situation, the company is required to quickly adjust to the new reality, reaching a balanced bottom line and no longer relying on outside funding. “We are focused on our revenue and generating it from new and existing clients,” said Gal.
SQream's data acceleration platform enables rapid analysis of vast amounts of raw data, enabling enterprises to gain meaningful insights. The company was founded in 2010 by Ami Gal and Kostya Varakin. SQream has raised $77 million to date, including from Mangrove Capital Partners, Schusterman Family Investments, Hanaco Venture Capital, Sistema.vc, World Trade Center Ventures, Blumberg Capital, Silvertech Ventures and the Alibaba Group.