The startup layoffs keep on coming within the security sector.
Automox, a Boulder, Colo.-based cybersecurity firm that last year raised $110 million in new funding, is the latest later-stage security startup to announce layoffs amid deteriorating economic conditions.
In a LinkedIn post, the company confirmed this week that it was laying off workers.
“Today, due to the broader economic climate, we parted ways with a number of our very talented people,” the company said in the post. “While Automox continues to be a growing business in a strong financial position, we are not immune to the challenges of the macroeconomic environment.”
[RELATED STORY: With Latest Layoffs, Is The Cybersecurity Startup Bubble Bursting? ]
In its post, the company didn’t disclose the number of people laid off – and company officials could not immediately be reached for comment by CRN.
But Layoffs Tracker reported Automox reduced its workforce by about 18 percent, or 75 employees. A newly created database of laid off employees listed nearly 60 people who apparently no longer work at the firm.
Layoffs Tracker also reported Automox, which was founded in 2015, previously cut its workforce by about 10 percent in April.
Automox’s painful payroll moves are just the latest in a recent string of layoffs at security startups, as the economic waters get choppier, particularly for younger companies trying to preserve cash before a possible downturn hits.
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