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Musing on Financials
Kateeva Devasted by Loss of the Samsung QD-OLED Project
February 16, 2020
In a move telegraphed by the loss to SEMES for the IJP of quantum dots in Samsung’s QD-OLED project, slashed its staff, according to a filing with the state of California. Kateeva chief people officer Monica Kaldani-Nasif wrote in a letter to the state’s Employment Development Department on Jan. 27 that the company would be laying off 144 employees associated with their pixel printing projects effective Jan. 31. Kaldani-Nasif also wrote that the company would compensate employees laid off before the end of the 60-day notice. Companies in California are required to give a 60-day notice before mass layoffs. Positions ranging from software engineer to director of advanced research and development were listed as part of the layoffs. Executive positions including president, chief marketing officer and chief operating officer were also listed among the layoffs, though they were marked with an asterisk to indicate that the employees in those positions would be providing transition services over the following two months. Kateeva raised $126 million in total funding from investors including Sigma Partners and TCL Capital. It last raised money in May 2016, for its $88 million Series E. The company was hampered by the slowdown in Gen 6 OLED fab construction plans in 2019 and 2020, which eliminated revenue for its only commercial product, Ink Jet Printers for TFE. The Samsung project was expected to generate revenue for a 2nd product that would complement sales from the resumption of Gen 6 activity.
Kateeva Devasted by Loss of the Samsung QD-OLED Project
February 16, 2020
In a move telegraphed by the loss to SEMES for the IJP of quantum dots in Samsung’s QD-OLED project, slashed its staff, according to a filing with the state of California. Kateeva chief people officer Monica Kaldani-Nasif wrote in a letter to the state’s Employment Development Department on Jan. 27 that the company would be laying off 144 employees associated with their pixel printing projects effective Jan. 31. Kaldani-Nasif also wrote that the company would compensate employees laid off before the end of the 60-day notice. Companies in California are required to give a 60-day notice before mass layoffs. Positions ranging from software engineer to director of advanced research and development were listed as part of the layoffs. Executive positions including president, chief marketing officer and chief operating officer were also listed among the layoffs, though they were marked with an asterisk to indicate that the employees in those positions would be providing transition services over the following two months. Kateeva raised $126 million in total funding from investors including Sigma Partners and TCL Capital. It last raised money in May 2016, for its $88 million Series E. The company was hampered by the slowdown in Gen 6 OLED fab construction plans in 2019 and 2020, which eliminated revenue for its only commercial product, Ink Jet Printers for TFE. The Samsung project was expected to generate revenue for a 2nd product that would complement sales from the resumption of Gen 6 activity.
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