Cypress.io, an Atlanta-based company that provides automated testing for web browser applications, is cutting staff.
It is not immediately clear how many staff members will be impacted by the move. The company, which has a Downtown Atlanta office at Centennial Tower, has 127 employees, according to LinkedIn. In 2018, the firm employed under 15 people.
“We remain long-term optimistic about our ability to extend our market leadership and create a more successful company.” a company LinkedIn post said. “Yet, we also need to be short-term realistic to create optionality for the company by operating with the necessary discipline to thrive during uncertain times, allowing us to invest in the areas of the business which will accelerate growth and product innovation.”
Atlanta Inno is following this story and will update as we get more information.
Layoffs from tech giants and startups alike ramped up in the last half of 2022 and have not ceased in 2023. Market conditions changed when investors switched a focus on growth for profitability, often leading companies to save costs by cutting staff.
Atlanta companies recognized for fast-growth, including unicorns Greenlight Financial Technology and FullStory, are among those that put head counts on the chopping block. Tech behemoths with sizable Atlanta presences, such as Google LLC (Nasdaq: GOOG) and Microsoft Corp. (Nasdaq: MSFT), announced layoffs last week.
Cypress.io was founded in 2015 by Brian Mann, and launched commercially in 2018. It has been led by CEO Drew Lanham since 2018, after three of his previous companies were acquired. It was once part of the Georgia Institute of Technology’s business incubator ATDC.
The company helps developers that are building company websites to test their code to make sure it works.
The business’ customers have included large brand names such as The New York Times, Slack, Netflix, SendGrid, GitHub, FanDuel, Lego, SaltStack and GoDaddy. As of 2019, it served users from 90 countries who downloaded its software over 15 million times. There are over 4 million weekly downloads of its product, according to its website.
The startup has raised at least $54.8 million, according to its website. In 2019, the company completed a $9 million Series A round led by California-based Bessemer Venture Partners. That raise was nearly a year after the startup completed a $4 million seed round from BVP and Florida-based Las Olas Venture Capital. Other investors have included Tech Square Ventures, BLH Ventures and Buckhead Partners.
