YottaYotta Inc. is digging in its Canadian heels and refusing to give up without a fight. Earlier this month the company -- which has developed a gigantic, distributed SAN storage system -- hired a new CEO, Bart Shigemura, who's charged with building up a company that has not seen alotta good fortune lately.
In February, YottaYotta forced out president and CEO Steve Mattioli and shut down its Kirkland, Wash., office, relocating the company's headquarters to Edmonton, Alberta (see YottaYotta's Gotta Problem).
The news gets worse before it gets better: One of Shigemura's first actions as incoming CEO was to cut around 30 percent of YottaYotta's remaining staff to slow the burn rate; the company currently has 85 employees. Those layoffs will give it much more breathing room, Shigemura tells Byte and Switch.
"After the layoff, we expanded our runway for another year," he says. "When I got here, we were staring down the barrel of a four- to five-month runway." [Ed. note: Uh... do runways have barrels?] YottaYotta now has enough money in the bank to last until June 2004, Shigemura claims, though he wouldn't reveal the amount. The company is now working with its investors to fund an inside round to carry it to break-even on a cash-flow basis, he says.
Founded in January 2000, YottaYotta has received around $50 million to date from Banc of America Securities LLC, The Grosvenor Funds, Optical Capital Group, and Morgan Keegan & Company Inc. (see Does YottaYotta Gotta Lotta Cash?).
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