Israeli chipmaker Valens, which has nearly 300 employees most of them in Israel, has fired another 20 staff, sources inform "Globes," after already laying off 10% of its work force last November as part of a streamlining plan.
Valens was founded in 2006 by former CEO Dror Jerushalmi, who is now no longer active in the company, CTO Eyran Lida, Massad Eyal, Gaby Gur Cohen, Alon Benzaray and Nadav Banet, who is no longer active in the company. The company has raised $167 million from IGP, Magma, Genesis, Samsung Catalyst and other investors.
Valens develops chips for various uses including smart cars. In addition to its streamlining plan, the company has undergone a managerial restructuring, which saw Jerushalmi replaced as CEO in February by serial investor and entrepreneur Gideon Ben-Zvi, who invested in valens through Aviv Capital.
Ben-Zvi has confirmed the latest layoffs and says they will be divided equally between Israel and abroad and includes the conferences department which has become irrelevant since the coronavirus crisis. Ben-Zvi said, "This is a time in which many companies are examining themselves and the coronavirus has given them a light with which to see things not related to the virus. We decided to seize the opportunity but we are doing things cautiously.
Published by Globes, Israel business news - en.globes.co.il - on June 15, 2020
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