Eigen Labs has laid off 25% of its employees due to a shift in the direction of its EigenCloud product.

Golden Finance reported that Eigen Labs laid off 29 employees due to a shift in direction for its EigenCloud product. The product was launched last month and is a developer platform focused on off-chain and on-chain verification. As part of the announcement at that time, a16z announced a $70 million investment. The company has raised a total of $220 million, including $50 million in the A round financing in 2023. An Eigen Labs spokesperson stated that the layoff decision (affecting 25% of employees) was not due to financial considerations, and that the project still has financial room.