2024-01-03 11:44:29
Israeli Cyber Company Orca Security Lays Off 60 Employees
Orca Security, an Israeli cyber company, has announced that it will be laying off 60 employees, which accounts for approximately 15% of its workforce. The layoffs will affect employees in various locations, with half of the job cuts coming from Israel and the rest from other places around the world, including London, Portland, Bangkok, and other locations in the United States. Despite the layoffs, Orca Security currently employs about 430 people and has stated that it will offer some of the laid-off workers the opportunity to join the company in other positions.
The company has raised an impressive $640 million since its inception and was valued at $1.8 billion in its last fundraising round in 2021. Orca Security’s investors include the Singaporean Temasek fund, Yoav Leitersdorf’s YL Ventures fund, Alphabet Corporation’s CapitalG fund, and several others. The company recently made headlines when it sued the Israeli company Wiz, alleging that it had violated Orca’s patents.
Founded in 2019 by eight individuals, including CEO Avi Shua, Orca Security has seen significant growth and success in recent years. The company stated, “Orca has reached an all-time high in terms of the number of customers, revenue that has increased by hundreds of percent since the last capital raising, and customer satisfaction according to surveys.” Despite the layoffs, the company emphasized that it continues to grow and recruit employees for its expanding departments.
The announcement of the layoffs comes as Orca Security undergoes a reorganization process aimed at increasing efficiency. The company expressed gratitude for the contributions of the departing employees, noting that some may have the opportunity to be re-absorbed into the company in different positions.
Orca Security’s recent decision to lay off a portion of its workforce reflects the challenges faced by many companies as they navigate changes in the business landscape. However, the company remains optimistic about its future prospects and its ability to continue growing and serving its customers.
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