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#News(Startup) [ via IoTGroup ]
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Samsara Networks Inc., a startup focused on internet-of-things technology, has raised $400 million, cutting its valuation to $5.4 billion, according to a memo from Chief Executive Officer Sanjit Biswas to employees Wednesday.
Biswas also held a company town hall in which he discussed the fundraising as well as 300 job cuts, representing 18% off the company and affecting employees outside North America in support functions such as recruiting and events.
Swift and Severe“Covid’s economic impact has been swift and severe,” he wrote. “Indicators like labor rates, consumer spending and state budget deficits already look worse than the 2008 financial crisis.”
Although Samsara’s fleet customers are continuing to operate, truck and trailer manufacturers are reporting record lows for new sales, Biswas wrote. Samsara’s original plans for 2020 involved more than doubling recurring revenue, but “it’s hard to see how we can maintain that same recurring revenue growth forecast with everything ahead of us.”
The fundraising, slated for the second half of the year, was accelerated to ensure the company could operate sustainably, and was completed last week, he said.
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