SoftBank-backed CloudMinds slashes workforce amid cash burn: sources

This post was originally published on this site

https://i-invdn-com.akamaized.net/news/LYNXNPEB8506G_M.jpg
© Reuters. SoftBank-backed CloudMinds slashes workforce amid cash burn: sources© Reuters. SoftBank-backed CloudMinds slashes workforce amid cash burn: sources

TOKYO (Reuters) – SoftBank-backed cloud robotics and artificial intelligence startup CloudMinds is slashing its global workforce as it burns through cash after repeated attempts to list on the public markets, people familiar with the matter said.

Headed by former China Mobile (HK:) research whiz Bill Huang, money losing CloudMinds is slashing staff, three sources said, all of whom declined to be identified because the information is not public.

The job cuts include China, two of the sources said, where the bulk of the company’s workforce is based and from where most of its revenues originate.

CloudMinds did not respond to multiple requests for comment.

A SoftBank (T:) representative declined to comment.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment