Automox, a cloud-native endpoint & patch management provider, has confirmed layoffs via its LinkedIn page. Exact staff cut figures were not disclosed, though Layoffs Tracker pegged that number at about 75 employees.
The job cuts reinforce a recent trend across venture-backed software companies. Indeed, rising interest rates and the Wall Street stock market correction have pressured startup valuations. Moreover, venture capitalists are shifting their investment priorities from fast-growth revenue toward a path to profitability.
Roll all those trends together, and some venture-backed startups are now cutting headcount.
Automox reinforced the trend via LinkedIn, stating:
"Today, due to the broader economic climate, we parted ways with a number of our very talented people. While Automox continues to be a growing business in a strong financial position, we are not immune to the challenges of the macroeconomic environment. We greatly appreciate the work, dedication and contributions of those impacted. Please join all of us at Automox as we open our networks to help these talented individuals find their next opportunity."
Automox: Patch Management & SecOps for MSPs
Automox, founded in 2015, has 417 employees listed on LinkedIn as of June 14, 2022. The company develops a cloud-based platform that MSPs can use to automate and enforce:
- operating system and third-party patch management;
- security configurations; and
- custom scripting across Windows, Mac, and Linux.
Automox Funding, Venture Capital Investors
Automox raised $110 million in Series C funding in April 2021. Key financial backers include Insight Partners, Blackstone Koch Disruptive Technologies and TechOperators. Total funding since inception was $152 million, Automox said at the time.