Insurtech unicorn At-Bay lays off 25 R&D staff in Israel amid profit push
Cyber insurance company is restructuring its development division as it shifts toward operating profitability.
Insurtech unicorn At-Bay is laying off 25 development employees in Israel, reducing its local workforce from 340 staff.
Founded in 2016, At-Bay provides cyber insurance to organizations while also developing proprietary cybersecurity technologies. The company was last valued at $1.35 billion in a 2021 funding round and has raised $276 million to date.
CEO Rotem Iram said the layoffs are part of a broader effort to move the company toward operating profitability.
“We made a difficult decision to reduce the company’s technological division as part of a transition to operating profit,” Iram said in response to an inquiry from Calcalist. “This move will allow us to act responsibly and from a position of strength as a global leader in the cyber insurance market.”
He added that the timing of the decision was especially challenging.
“Such a move is unbearable, especially in times of war,” Iram said. “Since the decision was implemented two days before the start of the war, it was not possible to leave employees in uncertainty. We had to inform everyone today, despite the great difficulty.”
At-Bay’s investors include Lightspeed Venture Partners, ICON Ventures, Khosla Ventures, Glilot Plus, entrepreneur and investor Shlomo Kramer, Qumra Capital, M12, Acrew Capital and HSB Fund of Munich Re Ventures, the investment arm of global reinsurer Munich Re.
