An nameless reader quotes a report from CNBC: SoftBank-backed Zume is shedding 360 staff, accounting for about 50 % of its workforce, and shuttering its robotic pizza enterprise to concentrate on meals packaging. SoftBank invested $375 million in Zume in 2018, giving the start-up a $1 billion valuation. Beforehand, Zume was valued at simply $218 million and had risen $71 million in complete, in keeping with Pitchbook. Like different SoftBank-backed startups, Zume used the capital to rapidly scale and improve its workforce. However, during the last 12 months, traders have shifted their focus from “progress in any respect prices” to a clearer path to profitability.
Zume CEO and founder Alex Backyard tells CNBC that it is a tough day for the startup, however the adjustments being made will focus the enterprise on “the innovations which might be displaying robust industrial traction.” Backyard says the corporate is creating 100 open roles within the Supply Packaging unit that staff can reapply for. Pizza Hut has been testing Zume’s spherical packing containers on a restricted foundation. Zume’s packaging — which the corporate says is roofed by quite a few patents — is fabricated from sustainably harvested plant fiber and is industrially compostable. The robotic pizza firm, which launched in 2015, consisted of a military of robotic sauce-spreaders and vehicles packed stuffed with ovens. Backyard’s aim on the time was to grow to be the “Amazon of meals.”
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