Already a subscriber?Venture capital investors in $300 million self-driving car sensor start-up Baraja have written down their stakes to zero, leaving the Sydney-based company facing a grim future after mass redundancies and a staff exodus.
In the 2022 financial year, the most recent for which financials are available, Baraja lost $41 million on revenue of just $412,046.that Baraja raised a further $30 million to cover its operating costs, but made 75 per cent of its staff redundant.Blackbird Ventures partner Rick Baker, who has been putting money into Baraja since 2016, defended its prospects but acknowledged that carmakers’ slower deployment of autonomous technology had challenged Baraja’s fortunes.
If Baraja’s bet on its new technology is successful, its investors stand to profit by revising their valuations.