Author: Tronserve admin
Monday 2nd August 2021 01:17 AM
SoftBank-backed AI startup 'cuts jobs amid cash burn'
SOFTBANK-BACKED cloud robotics and artificial intelligence startup CloudMinds is slashing its global workforce as it burns through cash after repeated attempts to list on the stock market, people familiar with the matter said.
Headed by former China Mobile research whiz Bill Huang, money-losing CloudMinds is the latest SoftBank portfolio company to lay off workers.
The job cuts include in China, two sources said, where the bulk of the company's workforce is based and where it generates most of its revenues.