Eigen Labs lays off 25% of staff following strategic shift in EigenCloud product direction

According to Jinse Finance, Eigen Labs has laid off 29 employees due to a shift in the direction of its EigenCloud product. Launched last month, this product is a developer platform focused on both off-chain and on-chain verification. As part of the announcement at that time, a16z revealed a $70 million investment. The company has raised a total of $220 million, including $50 million from its Series A round in 2023. A spokesperson for Eigen Labs stated that the decision to lay off staff (affecting 25% of employees) was not financially motivated, and the project still has sufficient financial runway.