Pebble to lay off 25 percent of workforce

(credit: Valentina Palladino)

As more and more companies develop smartwatches, we're starting to see which will stick around and which will fall behind. Pebble is hoping that it could become one of the former companies—but it's cutting costs to stay afloat. In an interview with Tech Insider, Pebble CEO Eric Migicovsky revealed the company would lay off 40 employees, or about 25 percent of its entire workforce.

Migicovsky was slightly cryptic when explaining the reason for the layoffs, but he did say that Pebble would be carefully considering how to spend its money over the next year. "We've definitely been careful this year as we plan our products," Migicovsky told Tech Insider. "We got this money, but money is pretty tight these days."

According to the interview, Pebble has raised $26 million over the past eight months, which is in addition to its original $20 million raised back in February of 2015 when it launched its Pebble Time Kickstarter campaign. Migicovsky claims Pebble will focus its wearable device efforts on the health and fitness market going forward, and it will also start selling smartwatches in India via Amazon next month.

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