Nova Labs Lays Off 36% of Workforce to Focus on Core Business
Nova Labs, responsible for the Helium Mobile cell network, conducted significant layoffs at the end of August, impacting 36% of its workforce, as confirmed by Chief Operating Officer Frank Mong. The company had approximately 105 employees prior to these layoffs.
The layoffs were described as a strategic move to refocus on Nova Labs’ core cellular business, with reductions affecting multiple departments, including engineering. Mong stated that the company aims to enhance growth in its mobile network and subscriber base.
Helium initially started as an Internet of Things (IoT) startup, evolving into a notable player in the cryptocurrency space by incentivizing users to build distributed wireless networks using tokens. The enterprise raised over $360 million in venture capital from 2013 to 2022, according to CryptoRank.
Currently, the Helium Foundation oversees the Helium IoT network, with co-founder Amir Haleem leading Nova Labs after it was spun out from the original project. The recent layoffs reflect a shift towards a primary focus on crypto-forward cell phone plans.
Helium Mobile offers nationwide unlimited cell plans for $20 per month, utilizing a partnership with T-Mobile, where users connect to the Helium network when available, with Helium Mobile covering T-Mobile data otherwise.