SirionLabs has laid off nearly 130 people worldwide, becoming the latest in a string of technology companies to do so in the midst of a funding freeze and a tech stock meltdown, according to media reports.
“We are positioning the company for a long-term profitable growth based on sustainable cost structure. We are realigning our resources to achieve that goal,” Hiro Notaney, chief marketing officer at SirionLabs, said in a statement.
However, the severance package offered by Sequoia-backed SirionLabs was not disclosed.
SirionLabs, founded in 2012 by Agrawal, Kanti Prabha, Aditya Gupta, and Claude Marais, provides contract lifecycle management services powered by artificial intelligence.
The company claims to manage over 5 million contracts for its 250 global clients. Its competitors include Agiloft, Icertis, Ironclad, and Zycus. It has offices in the United States, the United Kingdom, Germany, Australia, France, India, and Singapore. The company has an office in Gurugram, India.
Brookfield Growth contributed USD 25 million to its extended Series D funding round earlier this month. The new funding brings the startup’s total Series D capital raise to USD 110 million.