8i – a startup that produces holographic images of individuals, including celebrities – is cutting its workforce by half, according to a Variety report.
The Variety report said 30 of the 70 full-time personnel would be retrenched.
The startup has offices in New Zealand and in Los Angeles.
8i said in a statement: “Although we’ve made significant progress, we are continuously challenging our assumptions about where the AR/VR (augmented reality/virtual reality) market is headed and how it will develop.”
The company admitted that things have been rough though.
Just like any startup, 8i’s management said they had to be honest to themselves “and our employees about what kind of company we should build and how fast we need to grow.”
8i is engaged in internal consultations on planned organizational changes that would result in the alignment of teams and resources “with core technology initiatives that create the most long-term value.”
While a restructuring does not necessarily result in a layoff, it doesn’t appear to be in 8i’s case, the site added.
8i’s production studio (Stage 8) is located in a Culver City lot where iconic movies like “Gone With the Wind,” “The Matrix,” and many other films and TV shows were shot.
8i has converted Stage 8 into a giant, cylindrical green screen space, where 41 cameras capture holographic video of anyone who wants to try it.
Early this year, 8i raised $27 million in a Series B round led by Time Warner Investments and participated in by Baidu Ventures, Hearst Ventures, Verizon Ventures, and German businessman Carsten Maschmeyer of “Shark Tank.”.
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