Immutable, one of Australia’s biggest private technology companies, has shed a third of its employees over the past nine months and replaced some roles with artificial intelligence in a bid to reduce costs.

The blockchain gaming unicorn, which was last valued at $3.5 billion in 2022 after a $280 million capital raising, employed 224 people in 2023 but has made aggressive cuts since and now has about 150 people on its books.