The Atlanta technology company that symbolized the city’s startup boom is laying off employees, another sign of investors pulling back after a record year.
Atlanta Inno was first made aware of the development by various LinkedIn posts.
Sonar Software Inc. alerted staff of the layoffs on May 23, according to three current and former employees who spoke to Atlanta Inno. The employees asked to remain anonymous. When reached for comment, a Sonar spokesperson replied she was “curious” to learn how Atlanta Inno intended to use the information. The spokesperson didn’t respond to any additional requests for comment.
According to one former employee that was impacted, approximately 40% of the company’s staff was laid-off.
Sonar executives planned to grow its team from 25 employees in March 2021 to 75 employees by the start of 2022 following a $12 million investment round, according to previous Atlanta Inno reporting. It is unclear whether Sonar reached that goal before the layoffs. It is also unclear how many employees the startup currently has.