New York-based big data unicorn, Dataminr, known for its AI and big data algorithms in predicting global events and news insights, is undergoing a 20% staff reduction, affecting approximately 150 employees. Founder and CEO Ted Bailey attributed the decision to the economic environment, operational efficiencies, and advancements in the company’s AI platform. The restructuring aims to put Dataminr in a strong financial position, enabling progress in its AI platform and products.
While details of the impacted business areas remain unclear, the move suggests a potential path to profitability without depending on external funding. Despite controversies surrounding the data used, Dataminr has managed to gain recognition and partnerships with companies like Twitter, as well as customers in government, finance, and media sectors. With over $1 billion raised, the company was last valued at $4.1 billion in 2021. The downsizing is likely fueled by the company’s focus on AI technology, allowing for workforce reductions without significant business impact.