Israeli smart video developer SundaySky is cutting its workforce by 15%, sources inform "Globes." The company has 160 employees worldwide and will lay off 15 Israeli staff and 10 US staff as part of its reorganization. The company, which has offices in Tel Aviv, New York, London and Tokyo is currently growing but a decision has been taken to focus activities in different areas.
SundaySky has raised $40 million to date from Comcast Ventures, Liberty Global Ventures, Vintage Investment Partners, Carmel Ventures, Globespan Capital Partners, and Norwest Venture Partners (NVP). The company was founded in 2007 by CEO Shmulik Weller and CTO Yaniv Axen.
The company has developed a technology called smart video, which provides business clients with the ability to produced custom-made video clips such as invoices that can be sent to customer to explain to them the situation their account is in by video.
The company has confirmed the layoffs but declined to specify a number. SundaySky said, "As part of business development, the company has decided to increase the scope of its growing and profitable activities in the US at the expense of other markets. As part of this, the company has adjusted SundaySky activities in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on October 19, 2015
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