- Lightricks, a Jerusalem-based startup known for photo and video editing apps, is cutting 70 employees (12% of workforce).
- The restructuring aims to shift focus towards developing generative AI-based features.
- Founded in 2013, Lightricks employs 600 people globally, with major operations in Israel.
- The company plans to hire new AI experts and concentrate resources on B2B products.
- Lightricks’ popular apps include Facetune and Videoleap, with over 730 million downloads.
- Recent launch of LTX Studio, a generative AI-driven video editing platform, targets filmmakers and content creators.
- Despite layoffs, Lightricks reaffirms commitment to enhancing AI integration in existing apps.
- The company has raised $335 million from notable investors like Goldman Sachs and Insight Partners.
Main AI News:
Lightricks, a Jerusalem-based software startup renowned for its photo- and video-editing apps, is undergoing a significant restructuring by laying off 70 employees, approximately 12 percent of its workforce. This move is part of a strategic pivot towards advancing generative AI-based features and tools.
Established in 2013, Lightricks, headquartered in Jerusalem, employs 600 professionals, predominantly in Israel, with additional offices in the UK, US, and China. The company, known as an Israeli unicorn, aims to reallocate resources primarily towards developing and marketing B2B products powered by generative AI. It plans to bolster its team with dozens of new AI experts, focusing on recruitment in Israel.
Lightricks, co-founded by CEO Zeev Farbman and others with backgrounds in computer science and artificial intelligence, initially gained acclaim for consumer-focused editing tools like Facetune and Videoleap, widely popular among social media content creators. With over 730 million downloads globally and 6.6 million monthly subscribers, Lightricks continues to innovate, recently launching LTX Studio in February. This web-based platform harnesses generative AI to streamline video production processes, catering to filmmakers, advertising agencies, and content creators.
Despite the restructuring, Lightricks remains committed to enhancing its existing applications, such as Facetune, by integrating advanced AI capabilities. The company has secured significant funding, totaling $335 million from investors including Goldman Sachs Asset Management, Insight Partners, and Viola Ventures, underscoring its strong market position and growth trajectory in the tech industry.
Conclusion:
Lightricks’ strategic move to refocus on AI tools amidst a workforce reduction reflects a proactive response to market dynamics. By reallocating resources towards B2B products and enhancing AI capabilities, Lightricks aims to strengthen its position in the competitive landscape of digital content creation and filmmaking. This strategic pivot underscores their commitment to innovation and market leadership in the evolving tech industry.
