Former unreality autochthonal darling Weaveworks has announced that it is closing its doors aft failing to get acquired and suffering from a "volatile" rate position.
CEO Alexis Richardson made nan announcement on LinkedIn, wherever he boasted of "double digit (>$10 million) revenue" but bemoaned "lumpy" income growth. A merger and acquisition woody fell done astatine nan past minute, truthful 1 of nan earliest pioneers of Kubernetes and unreality autochthonal services recovered itself pinch small replacement but to unopen down.
Weaveworks began life successful 2014, a twelvemonth earlier type 1.0 of Kubernetes emerged. According to Crunchbase, it started pinch a $5 cardinal investment, past added $20 cardinal successful a information led by Google Ventures successful 2016, and astir precocious took $36.6 cardinal successful 2020. However, that $61.6 cardinal was insufficient to support nan lights on.
The institution will time off down Flux, a Kubernetes GitOps operator, which it primitively built for its ain deployment pipeline and donated to nan Cloud Native Computing Foundation (CNCF). In 2019, Flux was accepted arsenic a Sandbox project. It graduated successful 2022, and nan astir caller version, 2.2, became mostly disposable successful December 2023.
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Richardson said: "I americium moving pinch respective ample organizations to make judge CNCF Flux is successful nan healthiest state."
The extremity of Weaveworks highlights nan challenges companies look successful nan tech world, peculiarly those that person grown connected nan backmost of finance and gone connected to woody pinch reliable competition. Many companies person precocious turned to AI branding to pull further investment.
"I could opportunity that this should not person happened," said Richardson, "but I cognize that we are not unsocial successful this market. Bigger vessels person gone astray."
While eulogizing nan company, Richardson noted milestones including nan commencement of nan CNCF and GitOps. However, he besides told his employees: "There person been dire moments too, but we figured astir of them retired together."
While immoderate self-inflicted, system-wiping catastrophes could beryllium dealt with, it appears that moving retired of rate was 1 disaster excessively far.
And nan future, peculiarly for those who paid nan institution for its services? "Customers and partners will beryllium moving pinch a financial trustee whom we shall denote soon." ®