Seattle-based “invention network” company Xinova cut staff today, GeekWire has learned. A company spokesperson declined to provide details about how many employees were let go.
Xinova spun out of Seattle-based Intellectual Ventures in 2016 and operates a network of more than 12,000 inventors across 118 countries, helping match their ideas with customers such as PepsiCo, Honda, Funai, and others that need related solutions. The company employed more than 100 people globally across ten offices worldwide as of this past February; there are 113 employees on LinkedIn.
Here’s a statement from Xinova founder and CEO Edward Jung:
“Very regrettably Xinova had to lay-off many of our friends today. Over the past few months, the company has refocused its efforts on innovation services for our current customers and our growing pipeline of new customers while we drive for profitability. As we gained clarity about what those new customers need, we made the very difficult decision to re-align our staff to fit that business – connecting our customers with our smart and trusted network of innovators who deliver new and commercializable products.
We greatly value the contributions and friendships of everyone on the team that departed today and individually we are doing all we can to help them find their next opportunity.”
Jung, hailed as “one of the most prolific inventors in the world” on Xinova’s website, helped launch patent holding firm Intellectual Ventures in 2000 with former Microsoft technology chief Nathan Myhrvold. Jung also spent several years at Microsoft during the tech giant’s early days.
In 2007, Jung began heading up Intellectual Ventures’ “Invention Development Fund,” which was spun out in 2016 as Xinova. Other spinouts from Intellectual Ventures include TerraPower, Kymeta and Echodyne.
Earlier this year Xinova launched a new joint venture called Arcnet, an online capital marketplace that lets investors fund innovation projects on one platform across borders.
Xinova this month touted its inclusion on Fast Company’s Best Workplaces for Innovators list.
Jorma Ollila, former chairman of Royal Dutch Shell and former chairman and CEO of Nokia, is Xinova’s executive chairman. Paul Levins, Xinova co-founder and former chief strategy officer, left full-time employment with company earlier this year.