OnePath Networks Fires 42 Percent of Israeli Staff
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JERUSALEM -- Broadband optical access developer OnePath Networks has fired 50 workers from its Israeli workforce, according to published reports.
The company, formerly named Foxcom, dismissed 20 of its research and development staff, and 30 employees from marketing and administration. The cuts amounted to 42 percent of it's Israeli workers or 31 percent of the company's employees overall.
OnePath's U.S. staff was not affected by the firings.
Founded in 1993, OnePath has a history of investment from such firms as Israel Seed Partners, Apax Partners & Co., the Genesis venture capital fund, Aurum-SBC, Patricof & Co. Ventures, Geneva Merchant Banking Partners and AIG-Orion.
OnePath raised $40 million in its last financing round in October, according to a company valuation of $200 million. OnePath has raised more than $54 million since its founding.
Last July, OnePath introduced its iPath product line for residential use, which delivers broadband data plus CATV and DBS video to multiple apartments. The transmission is channeled through a single wire or fiber into the dwelling and links to the home computer without requiring a cable or DSL modem.
The company, with offices in Jerusalem, Israel and Princeton, New Jersey, employs 110 people after the cuts.