Salto, founded by serial entrepreneurs Rami Tamir, Benny Schnaider, and Gil Hoffer, has laid off 30 employees, most of them based abroad. The layoffs, which account for around 50% of the company’s staff, are part of a significant organizational restructuring currently underway at the company.
To date, Salto has raised approximately $70 million from investors including Accel, Salesforce Ventures, Lightspeed Venture Partners, and Bessemer Venture Partners.
The company stated: “About half of our employees continue to work on our existing product, while others are focused on developing a new offering in the cybersecurity space. Through our operations, we identified a major opportunity to apply our core technology to solve critical challenges in cybersecurity. Based on this insight, we’re preparing to launch a new product under a new brand in the near future. While maintaining high-quality service for our existing users, we’re rebuilding the company to support accelerated growth in the security market.”
Salto completed a $42 million funding round in May 2021, less than seven months after its $27 million Series A. Salto aimed to streamline day-to-day efforts of configuring applications by extracting the information and translating it to a standardized, structured textual representation.
Rami Tamir, Benny Schnaider, and Gil Hoffer founded Salto after their success with Pentacom (which was acquired by Cisco), Qumranet (which was bought by Red Hat), and Ravello Systems (which was purchased by Oracle).
