Startup Mellanox today fired 30% of its 210-man workforce. Salaries of the remaining employees will be cut by 10% to 15%.

Mellanox CEO Eyal Waldman confirmed the cutbacks, which he blamed on a two-quarter delay in implementing the company's business plan, because of the slowdown in the business environment.

"The cutback, together with funds we raised, will bring the company to profitability soon," he said.

Mellanox, a provider of InfiniBand technology, is considered one of Israel's most promising startups. Waldman, a cofounder of Galileo the startup sold for $4.5 billion - founded it in 1999.

The company's devices accelerate data communications between computer components in small area networks, improving the performance of next-generation servers.

In February Mellanox completed a $56 million financing round at a pre-money company value of $190 million.

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