SKYNET LABS DID NOT RECEIVE NEW FUNDING AND ANNOUNCED ITS CLOSURE

The company, which has raised $9.6 million in seven rounds of funding since 2014, said in a blog post that it was unable to complete the next round of fundraising. In this regard, Skynet Labs is closing.

The company believes that there are many reasons for the current situation, but there are two main ones: a strong division of focus and the fact that the company is not a key part of the crypto stack.

In addition, the team grew too fast and overestimated the company's ability to convert its user base into a successful fundraising round. In the end, the bet was not justified.

Skynet Labs will continue its work for about 12 weeks. The company has laid off half of its staff and will reduce it by another half in the coming month. Although it is expected that the entire company will be closed in the next 3 months, she will make sure that all the necessary work is completed before the final time.