Automox, a cloud-native endpoint & patch management provider, has confirmed layoffs via its LinkedIn page. Exact staff cut figures were not disclosed, though Layoffs Tracker pegged that number at about 75 employees.
The job cuts reinforce a recent trend across venture-backed software companies. Indeed, rising interest rates and the Wall Street stock market correction have pressured startup valuations. Moreover, venture capitalists are shifting their investment priorities from fast-growth revenue toward a path to profitability.
Roll all those trends together, and some venture-backed startups are now cutting headcount.
Automox reinforced the trend via LinkedIn, stating:
Related: See all technology industry layoffs listed here.
Automox: Patch Management & SecOps for MSPs
Automox, founded in 2015, has 417 employees listed on LinkedIn as of June 14, 2022. The company develops a cloud-based platform that MSPs can use to automate and enforce:
- operating system and third-party patch management;
- security configurations; and
- custom scripting across Windows, Mac, and Linux.
Automox positions itself as an alternative to Tanium, Ivanti, SolarWinds, ManageEngine and some RMM (remote management and monitoring) software tools.
Automox Funding, Venture Capital Investors
Automox raised $110 million in Series C funding in April 2021. Key financial backers include Insight Partners, Blackstone Koch Disruptive Technologies and TechOperators. Total funding since inception was $152 million, Automox said at the time.
Insight Partners also owns Kaseya, and the private equity firm also backs such data protection firms as Rewind, OwnBackup and Veeam.
