Dataminr, the $4B big data startup, is laying off 20% of staff today, or 150 people, as it preps to double down on AI

Dataminr, a New York-based big data company valued at $4.1 billion, is laying off around 20% of its staff, or approximately 150 people. The company, which uses AI and big data algorithms to provide predictive insights about news and global events, cites the economic environment, operational efficiencies, and advancements in its AI platform as reasons for the layoffs. In a memo from CEO Ted Bailey, employees were instructed to work from home while awaiting details on their employment status. The restructuring is aimed at putting Dataminr on a strong financial footing, with plans to launch a new AI platform combining predictive AI with generative AI. The company expects to have multiple years of cash runway and a path to profitability. Despite the layoffs, Dataminr plans to continue progressing its AI platform and products. The company has raised over $1 billion in funding and has partnerships with companies like Twitter. Controversy has surrounded its data practices, but this has not hindered its success.