This year, a combination of a broader uncertain economy — brought on by the Covid-19 pandemic and the Russian invasion of Ukraine — and a flash-in-the-pan crisis triggered by the collapse of Silicon Valley Bank in March have battered contech firms.
While contech startups have continued to attract funding and seed capital, they are not isolated from the effects of the broader economy.
RJ Pittman, CEO of Matterport, a firm that specializes in digital twins, wrote in a July 11 blog post that the firm was “reorganizing to streamline business operations.” The company laid off 30% of its total workforce, or 170 people, according to a Securities and Exchange Commission filing..
