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Crypto Crash: Skynet Labs Fundraising Ends

Incomplete fundraising – The sky is falling on your head Skynet Labswhich puts the key under the door, while this closure may surprise many observers.

The lack of fresh capital signals the end of the adventure

Financially, however, it looked solid. After all, Skynet Labs has raised $9.6 million in seven funding rounds since 2014. The most recent funding round was $3 million, in a funding round led by Paradigm in September 2020.

However, this seven-figure capital injection was not enough to sustain the company. In a post dated August 12, Skynet Labs announces its closure, due to lack of ability to “complete its next round of financing”.

Without further investor support, the company must decide to “leave members” of its team. Context has cut Skynet Labs’ workforce in half, and the company will continue to make layoffs in the coming months.

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Skynet Labs is shutting down, but its platform will live on

Small consolation for the sector, decentralized application storage and hosting platform Skynet, will continue to work. “All user files will remain online,” and development of key parts of the protocol will continue to benefit from the work of developers.

In any case, the end of the adventure is probably a disappointment for projects that wanted to rely on the infrastructure of Skynet Labs. The company launched promising and ambitious initiatives, such as SkyDB unveiled in 2020, a feature dedicated to developers who wanted to build a decentralized social media platform.

Everything was going well, at least on the surface.

The closure announcement may also come as a surprise, given that its CEO, David Vorick, outlined Skynet’s roadmap in a July 26 blog post. He then mentioned the company’s efforts focused on decentralization and building a web2-like user experience for web3.

It is all the more difficult to predict the closing of the company and the dismissal of the entire staff, when its CEO still giving compliments less than a month agohis team “capable of constantly producing new updates that push the boundaries of our industry.”

2022 will be the year of spring cleaning, with abandoned crypto projects and companies in the sector either having to decide to close their doors or accept being absorbed by other giants.

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