Networking and virtualisation software provider Citrix plans to wind down its Startup Accelerator initiative, Triangle Business Journal has reported.
Founded in 2010, the Citrix Startup Accelerator supplies $250,000 in seed funding, a Silicon Valley workspace and support for a period between 12 and 18 months. It targets startups and entrepreneurs in the mobile, cloud and collaboration technology sectors.
However, Citrix has decided to wind down the scheme as part of a drive to achieve savings by cutting non-core activities, which will also include laying off around 1,000 people.
The accelerator’s graduates include Nukona, a mobile management startup acquired by cybersecurity company Symantec in 2012, cloud-based message processing platform Iron.io, which has raised more than $13m in total, and compute and resource architecture technology developer TidalScale, which has raised about $12m.