Hologram, the IOT startup based out of Chicago is the recent one to announce layoffs across the organization.
The Chicago based company has decided to let go of 40% off its workforce earlier today, around 80 employees.
Coming to the financials, the company had closed a series b funding round off $65 million lead by tiger global which body total funding to $80 million since its launch in 2014.
The layoff news comes as a shock after the company announced in late 2021 that it was aiming to triple its team after its series B raise. Hologram had also moved into a new luxe office space in Fulton market, Chicago.
In an internal memo CEO and co-founder of hologram – Ben forgan announced that the company was letting go off 40% of its employees while mentioning the company was looking into organizational restructuring.
Large number of affected hologram employees have taken to professional networking site LinkedIn to share their story.
Hologram as a business model provides a platform to connect IoT devices to any cellular network across the globe and offers a platform called hologram hyper to monitor its IOT fleet.