More than 1,000 Atlanta startup employees have been laid off in the past few months. In this downturn, DataSeers CEO Adwait Joshi sees an opportunity.
Joshi founded and bootstraps DataSeers, meaning he doesn't rely on venture capital to grow, making him less susceptible to changing investor preferences. So far, DataSeers' growth is not slowing. Joshi plans to hire 60 people in metro Atlanta, targeting those who have been laid off by other technology companies.
“Giving those people an opportunity means they will even come back harder," Joshi said. “You'll see a whole different loyalty from these folks.”
Companies that do rely on investors have had to cut costs as the capital market constricts amid high inflation and interest rates. Software firm Terminus was one of the first to start cutting jobs, even after a $90 million funding round. Data privacy company OneTrust LLC, once valued at more than $5 billion, laid off 950 employees. Restaurant tech startup Sunday also laid off staff. OneTrust and Sunday both cited investors' shifting focus from growth to profitability as a reason for the cuts.
Because DataSeers relies completely on its own revenue, the company can't over hire after a funding round. It puts the company at an advantage over other startups in a cash crunch after not meeting investor expectations.
The hiring spree will last for 18 months, Joshi said. In January 2021, DataSeers had eight employees in the U.S. and 10 in India. Now, DataSeers has around 100 workers split between the two nations. It was listed on the Inc. 5000 list after a 427% revenue growth in the past three years.
Joshi is looking for developers, account executives and sales and marketing professionals. He also plans to round out his C-Suite with a chief financial officer, revenue officer and compliance officer.
To find laid-off employees, the DataSeers recruiting team uses LinkedIn. The team reaches out to the company with layoffs about which workers could be a good match for DataSeers. Joshi's team uses keywords and hashtags, such as “laid off” or “looking for work," to find potential candidates.
DataSeers has a 11,000-square-foot office in Alpharetta's Windward Fairways complex and plans to add another 5,000 square feet in the next three months. Joshi requires employees to be in the office and also offers up to $2,500 to help with moving expenses. DataSeers has relocated around 25 people to Atlanta from cities including Boston, San Francisco and Seattle, he said.
The hiring spree comes amid more projected growth for DataSeers. Joshi expects at least another 200% growth for his company this year. DataSeers produces software to manage data for financial technology companies and banks in order to detect and prevent compliance breaches or financial crime. It has around a dozen customers, which Joshi says has doubled every year.
The company has achieved its growth because “financial crime doesn't slow,” Joshi said. The global fraud detection and prevention market was valued at $29 billion in 2021 and is expected to reach $191 billion by 2030, according to market research firm Straits Research.
He founded the company in 2017 after selling his first company, analytics consultancy Adapsys Inc. Joshi is also founder and president of SwarGanga Temple Of Music, a nonprofit that supports classical Indian music artists.
