A start-up backed by business giants has let go 22 per cent of its workers simply forward of Christmas.
Willow, a property and infrastructure start-up which creates digital representations of corporations’ bodily property, introduced on Friday it has laid off 72 of its workers in addition to 27 contractors.
The firm has blamed the present financial situations as the explanation behind its determination to let go of some workers regardless of being on a “strong growth trajectory”.
“However, like many technology companies, we have not been immune to the impacts of the external environment over the past 12 months,” a spokesperson mentioned in a press release.
“As a result, we have made the proactive decision to reduce our cost base to ensure we can grow sustainably over the medium-long term.”
The firm’s “digital twin” know-how permits for corporations to view “real-time data” on how their property are performing by way of the creation of a digital model of that asset.
“Digital twins will be the standard for smart buildings; up until now there has been no software to power smart buildings at scale,” chief govt Joshua Ridley described the know-how on LinkedIn.
“Willow is applicable to new buildings, existing buildings and scalable to entire portfolios. Willow is at the forefront of this global category and is best placed to capture the opportunity.”
It additionally introduced it was capable of increase tens of millions in funding previously month.
“Willow successfully completed its latest funding round in December 2022, raising US$28.8 million,” the spokesperson mentioned.
“We view this raise as a vote of confidence from existing investors and it emphasises the critical nature of digital twin technology for built assets. Raising these funds was predicated on Willow moving to a more profitable model.
Willow announced it would no longer be providing its “digital twin” know-how to some industries.
“Willow will now focus on our core sectors of real estate and smart facilities and exit its non-core sector of mining,” the corporate mentioned.
