Dozens of employees at Israeli-founded Redis are expected to receive dismissal notices this week as the maker of the real-time database management platform is laying off about a quarter of its workforce in the country.
The database software unicorn is slated to fire about 75 employees from its development center in Tel Aviv, or about a quarter of its 300-person workforce in Israel, according to sources familiar with the matter. Redis employs about 1,300 workers globally.
Redis declined to comment on the round of layoffs when contacted by The Times of Israel.
The streamlining move comes as local tech firms from Wix to Rapyd and Amdocs in recent weeks announced a wave of layoffs to tighten operations, cut costs, and reorganize their staff amid pressure to adapt to the new automation era, and as the strength of the shekel is making operations in Israel more expensive.
Redis recently signed a 10-year rental lease for new offices in Israel as part of the firm’s plans to continue the operations of its Israel development center.
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Founded in 2011 by Ofer Bengal and Yiftach Shoolman in Tel Aviv, Redis is the developer of an open-source cloud analytics platform that allows users to process, analyze, and make predictions with the data they create. Earlier this year, Redis rolled out a context and memory platform designed for AI systems. The single platform searches, gathers, and coordinates business data that AI agents need to perform and complete personalized tasks fast and accurately, Redis said.
Team at Israeli-founded database software developer Redis. (Courtesy of Redis)
Redis operates globally with its largest R&D center in Israel, alongside additional development hubs in the US and Bulgaria, and offices in London and Singapore. In February 2023, the tech unicorn appointed Rowan Trollope as CEO, while its founders stepped down from management roles.
Earlier this year, Redis said it had passed $300 million in annual recurring revenue (ARR) driven by increasing demand for AI infrastructure and as agentic AI systems become more commonplace inside business operations. The Mountain View, California-based firm has 12,000 paying customers, including a third of the Fortune 100 companies.
To date, Redis has raised approximately $350 million in funding from investors and was valued at $2 billion in its most recent financing round in 2021. Its investors include TCV, SoftBank Group’s Vision Fund 2, private equity firm Tiger Global Management, Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Dell Technologies Capital, and Viola Ventures.
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