Lightricks lays off 85 employees

Israeli AI imaging company Lightricks is embarking on its third round of layoffs in recent years, according to CTech by Calcalist. The company will dismiss 85 employees, roughly 15% of its workforce, with cuts spread across departments. After the layoffs, Lightricks will employ about 465 people, down from nearly 700 at its peak in 2022.

The previous round of layoffs took place just over a year ago, when the company let go of 70 employees. The other layoff was in 2022. The announcement comes only three days after Lightricks unveiled its new AI video generation model, which allows users to create videos from text prompts. Under the new structure, Lightricks will operate as two main divisions. The larger will focus on AI development and innovation, including the continued advancement of the company’s LTX video model. The smaller division will oversee the company’s legacy products, such as the photo editing app, Facetune.