Sources inform ''Globes'' that Israeli start-up Trellis Photonics fired 25 of its 35 employees today. Trellis Photonics CEO Aviatar Halevi will probably also lose his job.
Halevi confirmed the report in “Globes” yesterday, but declined to comment about his own future. Pitango Venture Capital also declined to comment. Trellis develops components for optical communications systems.
As reported by ''Globes'', Trellis is at the do or die stage. At an investors meeting yesterday, it was decided to keep the company open, while suspending its business activities and focusing solely on development.
Trellis will have only ten employees after the lay-offs, who will continue product development, while burning little cash. Trellis has no product ready to market, and will slowly work on completing its product.
Trellis fired 25 employees during its third wave of lay-offs a few months ago, shutting its development center in Jerusalem's Technology Park.
Founded in 1999, Trellis has raised $37 million to date from Pitango, Skypoint Capital of Canada, Enron, Yozma Venture Capital, Eucalyptus Ventures, the Carlyle Group, and Chase Manhattan Bank. Trellis raised $25 million, at a company value of $150 million, in its last financing round in August 2000.
Published by Globes [online] - www.globes.co.il - on October 24, 2002