The artificial intelligence disruption that has pushed software companies Atlassian, WiseTech Global and Block to make massive job cuts amid dramatic share price falls is now affecting Australian private technology companies, with expected redundancy rounds, valuation cuts and a bottleneck for public listings.
Australia’s biggest venture capital investors and leading private start-up founders told The Australian Financial Review that redundancies were already occurring quietly, and that non-AI start-ups were facing a funding desert that threatens their existence.
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