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Skynet Labs fails to receive new funding – announces shut down plans

Skynet Labs fails to receive new funding – announces shut down plans
Skynet Labs fails to receive new funding – announces shut down plans

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Skynet Labs has become the latest company to shut its doors amid the ongoing crypto winter. Skynet is the blockchain company that created Siacoin, and the reason for shutting it down is that it has failed to secure additional funding.

Skynet Labs announces shutting down

Skynet Labs announced its plans to halt operations through a blog post on Friday. Skynet Labs is a startup that was previously known as Nebulous. In 2020, the company secured $3 million in a funding round led by the Paradigm crypto investment company.

Skynet Labs is a company formed to pay attention to Skynet. The latter is a decentralized storage and app hosting platform that focuses on building a decentralized internet. Like most startups in the crypto space, Skynet wanted to use blockchain technology to bring changes to the internet.

The CEO of Skynet Labs, David Vorick, wrote in the blog post that Skynet had failed to complete the next round of fundraising. Vorick noted that the company would be shutting down.

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Vorick also said that Skynet would continue operating as a platform and even added that user files would be stored online. Moreover, key parts of Skynet’s infrastructure would continue to be developed actively.

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Vorick later posted a tweet confirming this development, saying that it was not the outcome that the company wanted and that it did not mean the end of the road for the company. He also said that the company would reduce the number of employees.

Skynet will continue operations

Skynet has reduced its staff by 50%, adding that the number would be reduced gradually over the next month. Vorick also said that much of what Skynet had achieved, such as its ability to continue operations in the face of the dissolution of Skynet Labs, was because of the efforts of the team members of Skynet Labs.

Skynet had retained not only its operations but also could offer value to the broader Web 3.0 & crypto sector. Therefore, it would continue with its operations in the long term despite the closure of Skynet Labs.

Towards the end of last month, Vorick had provided a road map for Skynet. In it, he said that the team was focused on decentralized and creating a user experience for Web3 similar to the one offered by Web2.

However, he said that achieving the things in its roadmap would require a lot of innovation. However, the Skynet Labs team was fortunate to have a committed team that was releasing new updates that pushed the boundaries of the blockchain industry. The efforts of the team were poised to make Skynet a leading player

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