Skynet Labs, which is behind decentralized platform Skynet, is shutting down after the company couldn’t raise more funds. It will also be cutting jobs, according to a blog post Friday.
In 2020, the startup formerly known as Nebulous, raised $3 million in a funding round led by crypto investing giant Paradigm. Skynet Labs was formed as the company sought to focus on Skynet, a decentralized storage and app hosting platform to buildout a decentralized internet.
“It is with regret that we announce Skynet Labs has been unable to complete its next round of fundraising and will be shutting down,” CEO David Vorick wrote in the blog post. Skynet, however, will continue to operate as a platform, he said, adding that user files will stay online, and key portions of the infrastructure will continue to be actively developed.
Skynet Labs has cut headcount by half and will decrease the number of employees even more over the next month. “Much of what Skynet has accomplished, including its ability...
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