In June 2021, a little under two years ago, I left Red Hat and joined Profian as the CEO – Chief Executive Officer. In mid-January 2023, we – the board – decided to close down the company. All 14 members of the company are looking for new jobs.
I’ve not been blogging much recently, and it’s been because I’ve been busy trying to sort out what we do with the company. We looked at many different options around getting more funding or even being acquired by another company, but none came to fruition, so we decided to close down the company as gracefully as we could. It’s not been an easy few weeks (or months, in fact), but I’ve pretty much come to peace with the decision.
I’ll be writing more posts about what happened, how we got there, and the rest, but here’s a quick version of what happened, as I posted in an internal chat room:
While pretty much everybody believes that Confidential Computing is on its way, there’s also general agreement in the market that it’s not ready for major market adoption for 12 or more months. This is partly due to the fact that the tech is still regarded as immature (and prone to vulnerabilities) and also largely because the recessionary pressures on all sectors mean that organisations are protecting their core existing services, rather than betting money on new tech. VCs are into “ARR”: Annual Recurring Revenue. They want to see fast growth, and paid pilots with (even with big players) which don’t lead to fast scaling of the business aren’t considered sufficient. The amount of money available wouldn’t have been sufficient to allow us to grow and defend a market share in order to get to the next funding round. We also looked at acquisition, but nobody was ready to bet on new tech to the extent of buying the company: again, because they’re defending their existing services and staff (and, in many cases, laying people off already).Me, on internal Profian chat room
I’m currently focussing on four things:
- helping the extremely talented Profian team find new jobs;
- winding the company down;
- taking some time to recover from the past few months – emotionally, mentally and physically;
- starting to look for a new job for myself.
If you can help with #1 or #4, please get in touch. Otherwise, keep an eye out on this blog, and expect more posts. See you soon.