Rocket startup Astra trims employees to outlive pandemic till subsequent 12 months

Rocket startup Astra trims employees to outlive pandemic till subsequent 12 months

Astra assessments a rocket at its headquarters on the San Francisco Bay in Alameda, California.AstraRocket builder Astra, a San Francisco-area star

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Astra assessments a rocket at its headquarters on the San Francisco Bay in Alameda, California.

Astra

Rocket builder Astra, a San Francisco-area startup, not too long ago decreased its employees by means of a mixture of furloughs and layoffs so as to survive delays attributable to the coronavirus pandemic, an individual acquainted with the state of affairs informed CNBC.

Astra reduce its general headcount to about 120 workers from about 150 final month, the particular person stated. Nearly all of the dismissed employees had been furloughed for 3 months, with solely a handful laid off completely.

Given Astra’s monetary place – it has buyer contracts for a couple of dozen launches and had raised about $100 million from buyers together with ACME Capital, Airbus Ventures, Canaan Companions and Marc Benioff – the particular person stated that the corporate’s management expects it has sufficient money to final till the primary quarter of subsequent 12 months.

Astra was beforehand hoping to shut a brand new spherical of funding within the subsequent few months. However buyers throughout the U.S. have frozen new offers, as a substitute specializing in serving to current portfolio corporations survive.

The particular person added that Astra is making no assumptions about its current launch agreements, with its monetary estimates eradicating all income that wasn’t coming from contracts it deemed strong. Astra’s clients are anxious about surviving this disaster themselves, the particular person stated, with…



cnbc.com

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