StoragePoint Lays off 50 Percent of Staff
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Internet storage company StoragePoint has laid off 50 percent of its staff, amounting to eight employees and its chief executive officer. According to Chairman and cofounder Scott Zimmerman, the measure was taken pending series C funding which took longer than expected to raise. Zimmerman stated that the layoffs are considered unpaid leaves of absence and that upon completion of the round, some employees may be hired back. Zimmerman added that the company expects to reach profitability before the second half of the year.
StoragePoint is an application service provider that offers mobile professionals, students, and small businesses unlimited access to stored files over the Internet. Last month StoragePoint released its new product, WebSan 3.0, which allows users to access files over the Internet from any access point.
Based in San Diego, StoragePoint is backed by Quantum Ventures and individual investors.