In an email to employees, the company said that 20 percent of its staff would be laid off.
The company grew too fast in the past year due to an abundance of capital and a growing sense of competition, according to the company's founders. The layoffs were the latest bad news to hit the audiovisual industry, which just saw one of its more prominent names shut down.
Laying off team members is the last resort and it was necessary after other options were exhausted.
It was necessary to lay off team members after other options were exhausted. We doubled the size of our team in less than two years and increased our operating expenses assuming the funding environment would stay strong. This was not a good idea.
Two veterans of the self-driving car project that would go on to become Waymo founded a company called Nuro. It is one of the few companies that has fully self-drive vehicles on the road. It was the first company to be granted a special exemption from federal safety requirements and the first to charge money for its deliveries. The company raised $600 million in a funding round last year.
Nuro said that laid-off employees would receive a package that included 12 weeks of pay, or up to 14 weeks for employees with two or more years of service. The business is still strong, as evidenced by recent partnerships, such as its deal with the food delivery service. The company has a lot of money on its balance sheet.
Ferguson and Zhu have been working in this industry for about two decades now and they are more convinced than ever that Nuro is on the right path to commercialization. The pace of progress is increasing despite the macroeconomic challenges.
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