Posted on August 03, 2022
Fabric, a New York-based micro-fulfillment company focused on robotics technology for last-mile operations, has cut staff and named a new chief executive. The startup confirmed the changes to TechCrunch, essentially saying that it has seen the writing on the customer wall and is making some strategic changes.
Today, the company officially announced its intentions to move in the direction of being a platform rather than a service. As a result, not everything with the new plan is positive: founding CEO Elram Goren was replaced by COO Avi (Jack) Jacoby 2 weeks ago, and the outfit told its 300-person staff Wednesday that 40% of them would be laid off.
Fabric builds hardware and software for customer warehouses to automate the processes of selecting, moving around, and packing items. We last covered the company in 2021 when it raised $200 million in Series C funding with some top investors behind it, including Temasek, which led both the C and Series B rounds. The company raised over $330 million in total and its valuation was over $1 billion.
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