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May 21, 2020 2:30 PM, EDT

Samsara Announces Layoffs, Raises Capital

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Transportation technology company Samsara laid off 300 employees, or 18% of its workforce, and raised additional capital amid the challenges presented by the novel coronavirus pandemic.

The additional capital involved $400 million in equity financing, according to the San Francisco-based company, which noted in a release it tripled its revenue in 2019.

“The reductions are concentrated in certain markets outside of North America and in supporting functions like recruiting,” CEO and founder Sanjit Biswas said. “This was a painful decision that affects our colleagues and friends, and we’re doing everything we can to support those who were impacted including severance pay, coaching and outplacement services, and health care coverage for the rest of the year.”

He added: “We remain optimistic about the future.”

Samsara offers hardware, software and cloud-related services to bring real-time visibility, analytics and AI to trucking operations. — Transport Topics

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