As London-based gaming engine turned metaverse/virtual worlds creator, Improbable, charts a course to profitability, it would appear as though some redundancies are looming. While the startup's Defence business unityhas a number of projects with national security and emergencies services communities in both the UK and the US, its also one that still requires investment and is not profitable. And a target for cuts.
A company representative explained via email: "What we are doing, due to current macroeconomic conditions, is accelerate the path to profitability of Improbable Defence by addressing the remaining parts of it that are not yet profitable, in order to make this business unit a profitable one early 2023."
Improbable US Defense & National Security President and GM Cailtin Dohrman posted to LinkedIn, "that the decision was “heartbreaking” but was made by the larger firm’s leadership “out of necessity due to Improbable’s refocus on its commercial metaverse business and need to accelerate its path to profitability amidst challenging macroeconomic conditions.”
To date, Improbable has raised approximately $704 million from investors including Andreessen Horowitz, SoftBank, Temasek, and Local Globe.