It’s a tough day for Dataminr, the New York-based big data unicorn last valued at $4.1 billion. TechCrunch has learned that the company, which powers AI and big data algorithms to provide predictive insights on news and other global events, will lay off about 20% of its staff, or about 150 people, today. The economic environment, operational efficiencies and “recent rapid advances in our AI platform,” according to a memo from founder and CEO Ted Bailey that sources shared with us. It is said that this is due to the influence of
In a company-wide memo we saw, employees were instructed to work from home today, pending further details on whether they would be included in the group of affected employees. The company has been telling employees since October that the restructuring will take place, but it is not clear which business areas are affected or what the company’s recent financial status is.
Bailey said in the memo that the restructuring action “places Dataminr on a very strong financial footing going forward.” The company aims to further evolve its AI platform and products. Specifically, in the first quarter, we will launch a new AI platform that combines predictive and generative AI. However, as a result of these moves, it will require investment. Today, he continued, “Dataminr has a multi-year funding path that will provide a path to profitability in the short term.” (This potentially suggests that the company is preparing for a scenario in which it no longer takes external financing.)
We reached out to Mr. Bailey, the company’s media relations team, and various others to confirm the details provided by a source (unfortunately, they are also among those affected). Looks like you’re alone. I’m so sorry, friend). One of them also confirmed the details on condition of anonymity. Meanwhile, currently, Post From LinkedIn others I heard the news through someone and am considering hiring him.
And just as we were about to publish this, a company spokesperson confirmed the memo to us.
Founded in 2009, Dataminr first gained attention by using clever big data techniques to parse unstructured data from social media posts and combine it with structured and unstructured data from other sources. It was a time when we saw the emergence of companies that combined structured data to understand public opinion and opinion. Other insights.
Dataminr took that concept and applied it head-on to insights about global events and other news. Users using mobile phones used platforms such as Twitter as a way to post about what they were seeing. Dataminr has taken advantage of this, combined it with other data sources, and has been able to accurately capture developments as they occur, often before the rest of the world jumps on the news.
Naturally, some of the data we collect and how we use it include: caused a controversy For many years. However, it seems that the company’s momentum has not stopped. Dataminr has achieved significant partnerships with enterprise, government, enterprise, financial services, and media customers such as Twitter.
And during the hectic fundraising period of the 2010s, the company raised a lot of money. It was last valued at $4.1 billion when it raised $475 million in 2021. Collectively, the company has raised more than $1 billion from more than 100 investors, including Fidelity, Morgan Stanley, Venrock, IVP and more. (Twitter, which he now calls X, was also once an investor, but sold his stake a while ago.) pitch book data It shows it raised an undisclosed amount of additional funding in two different tranches last year.
Dataminr has always had a large number of “subject matter experts” on staff, along with engineers, sales and customer success specialists. Over the past few years, and perhaps this year, the company has really ramped up the AI side of its tech stack, which is one of the reasons why it’s on track to reduce its workforce without impacting the business. Masu.