Latest news with #SreeramKannan
Yahoo
09-07-2025
- Business
- Yahoo
Eigen Labs Axes 25% of Staff to Focus on Building EigenCloud
Eigen Labs cut its workforce by 25%, losing 29 roles, as CEO Sreeram Kannan said he restructured the company to focus on developing EigenCloud, what he called a 'verifiable' alternative to existing, opaque cloud services. The Seattle-based startup said the dismissals were not a cash-crunch response. The comany is backed by $220 million in venture funding, including a $100 million Series B round led by a16z in February that gave it a $1 billion valuation. "As difficult as these changes are, they sharpen our focus as a company and ensure our teams are structured to sustainably pursue a single, ambitious goal: to build the world's first verifiable cloud platform," Kannan said in a post on X. "We move forward with a tighter strategy, renewed energy, and a team laser-focused on our mission." EigenLayer, the restaking protocol that underpins the project, and its data-availability sibling EigenDA will remain online as part of EigenCloud, Kannan added in separate post. Employees leaving company will receive three months of pay, accelerated token vesting, continued health coverage, and help finding new jobs, he said. He also invited other crypto firms to recruit the departing staff, signaling a wish to keep talent inside the ecosystem. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-06-2025
- Business
- Yahoo
a16z Bets Big on EigenLayer Again With $70M Token Buy to Back ‘EigenCloud' Launch
Venture capital firm Andreessen Horowitz (a16z) has invested an additional $70 million in EigenLayer, Ethereum's largest restaking protocol, to support the launch of EigenCloud, a new platform offering 'verifiability-as-a-service' for developers, the companies said on Tuesday. The investment follows a16z's $100 million Series B in Eigen Labs in February 2024, and underscores its commitment to the project through its Crypto Fund IV. EigenLayer currently secures over $12 billion in restaked assets. EigenCloud allows developers to build trustless, verifiable applications that operate off-chain while anchoring trust and payments on the Ethereum blockchain. Companies like Securitize will use EigenCloud to verify asset pricing data for BlackRock's $2 billion BUIDL fund. The platform introduces new services, EigenVerify for dispute resolution and EigenCompute for offchain execution, alongside existing AVSs like EigenDA for data, the companies said. By transforming verifiability into a programmable cloud primitive, EigenCloud is targeting sectors like AI, media, betting markets, and enterprise software, as it aims to unlock a new wave of crypto-native and Web2-integrated applications. 'EigenCloud will enable the next generation of disruptive, mass-market crypto apps, closing the gap between what developers want to build onchain and what blockchains allow them to build,' said Sreeram Kannan, CEO of Eigen Labs, in the release. The alpha rollout includes performance upgrades, dispute tooling, and a developer roadmap for phased access.
