akmalhot OP t1_j9ynk0l wrote
The failed to raise additional funding in this environment , so laid off pretty much everyone but core engineering
They have multiple multi - year contracts in place with some of the largest carriers, if they can ever get over the finish line.
We are not shutting down,” company co-founder and CEO Çetin Meriçli told FreightWaves in an email late Friday. “We did reduce most of our non-engineering headcount in the face of economic headwinds.
“Unfortunately, we had an employee give an unauthorized and inaccurate quote, and despite providing further information, the original story ran anyway.”
CARLEtheCamry t1_j9zjafv wrote
> Locomation failed to raise additional investment capital, leading to the layoffs
Another startup not profitable enough to cover their own payroll. 90% fail. working for one is like playing the lottery with your career.
Maybe they're hoping someone will buy them up.
akmalhot OP t1_ja12qp2 wrote
Eh, their tech is pretty solid, and they have orders. They are pre revenue
The dynamic of raising money changed drastically..
They absolutely are hoping to be bought and have had interest.
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