updated
We’re hearing that Akimbo, the San Mateo, Calif. video set-top box company that raised millions of dollars in fresh funding less than three months ago to make a fresh start in a new direction, has just thrown in the towel anyway.
In February, Akimbo brought in a new management team, $8 million in fresh funding [Update: Apparently, the company only raised $4M; the original announcement of $8 million had been a targeted amount, but it only ever raised $4M] and refashioned its technology to help video publishers deliver their own video online. It also wanted to help publishers monetize the video, by offering them ways to charge for pay-per-minute content, run advertising and subscriptions.
I have no idea why the company closed its doors so fast on this second attempt. The latest batch of money came from Draper Fisher Jurvetson, Zone Ventures, Blueprint Ventures and AT&T. DFJ, Kleiner, Zone and Blueprint were original backers of the first incarnation of the company. The company had raised a total of $47 million.
From what we hear, the company shut its doors today, with the entire staff of more than a dozen being terminated except for three to stay on to help an orderly shutdown.
The company had initiated a round of layoffs recently. The company was apparently then trying to sell itself, but time ran out and the board finally decided to call it quits.
I’m trying to reach the company for comment. If there’s a lesson, it’s probably that this video industry is red hot, but also frenetic, and way saturated, and that a company is toast if it’s just a step behind.
9:52 pm
$39.7 Million Later Akimbo Is No More said:
[...] Colorful San Mateo based startup Akimbo has finally shut its doors $39.7 million later, according to a report at VentureBeat. [...]
5:18 am
TV Hangups Kill Akimbo said:
[...] closed down yesterday. Hell, I had never even heard of them until they died. If you’re going inside [...]
7:44 am
Developing: Akimbo Closed for Good? « NewTeeVee said:
[...] Akimbo Closed for Good? VentureBeat is reporting that Akimbo is shutting its doors for good. We have contacted the company for confirmation and will update as soon as we have any [...]
9:04 am
Блог без заголовка » Silicon Valley Report in Russian » Akimbo закрывается said:
[...] стартап Akimbo, сообщает Venture Beat. Закрылся, несмотря на очередной раунд финансирования [...]
3:11 pm
Akimbo, Dot Gone - GigaOM said:
[...] (0) Akimbo, an early entrant in the Internet Video game has shuttered its doors, as first indicated by VentureBeat and confirmed by NewTeeVee. Peter Chantel, CFO of the company told NewTeeVee that the nine-year-old [...]
3:28 pm
- Akimbo, Dot Gone said:
[...] an early entrant in the Internet Video game has shuttered its doors, as first indicated by VentureBeat and confirmed by NewTeeVee. Peter Chantel, CFO of the company told NewTeeVee that the nine-year-old [...]
4:04 pm
Akimbo Jumps Into Deadpool, Takes $56 Million With It said:
[...] to VentureBeat, the entire staff has been laid off, save for three members who are staying on to facilitate the [...]
4:41 pm
Unfortune said:
[...] to VentureBeat, the entire staff has been laid off, save for three members who are staying on to facilitate the [...]
5:34 pm
Akimbo Jumps Into Deadpool, Takes $56 Million With It | Article Blog said:
[...] to VentureBeat, the entire staff has been laid off, save for three members who are staying on to facilitate the [...]
6:41 pm
Report: Set-top box maker Akimbo shuts down | Site Toolkit said:
[...] Friday, VentureBeat reported the San Mateo, Calif.-based company let go of what was remaining of its staff except for three [...]
6:42 pm
Report: Set-top box maker Akimbo shuts down - pcpartfinder said:
[...] a set-top box company, has seemingly closed down for good, according to reports. On Friday, VentureBeat reported the San Mateo, Calif.-based company let go of what was remaining of its staff except for three [...]
6:43 pm
TechCrunch Japanese アーカイブ » Akimbo、$56Mもろともデッドプールに入水 said:
[...] VentureBeatによると、社員は全員強制解雇され、残ったのは会社の閉鎖業務担当の3人だけという。同社はこれまで数回にわたる資金調達ラウンドで計$56M（5600万ドル）を超える資金を集めており、出資者にはAT&Tやシスコも入っている。 これを以ってAkimboはDeadpool送りとした。 CrunchBase Information Akimbo Information provided by CrunchBase [...]
6:55 pm
Akimbo Jumps Into Deadpool, Takes Million With It | moraaz.org - feed all tech! said:
[...] to VentureBeat, the entire staff has been laid off, save for three members who are staying on to facilitate the [...]
6:58 pm
TV Hangups Kill Akimbo | gadgetsnews.info said:
[...] closed down yesterday. Hell, I had never even heard of them until they died. If you’re going inside on [...]
6:59 pm
TV Hangups Kill Akimbo | gadgetsnews.info said:
[...] closed down yesterday. Hell, I had never even heard of them until they died. If you’re going inside [...]
7:09 pm
Report: Set-top box maker Akimbo shuts down - DriverHeaven.net said:
[...] a set-top box company, has seemingly closed down for good, according to reports. On Friday, VentureBeat reported the San Mateo, Calif.-based company let go of what was remaining of its staff except for three [...]
8:23 pm
Vendredi 5/23 : notes en vrac : Des Grenouilles dans la Vallée said:
[...] Akimbo : mort. Red Herring : moribond. Yahoo! : confus. Twitter : a besoin d’un bon coup de [...]
9:54 pm
Akimbo, online video delivery company, throws in towel for good | Technology Blog said:
[...] [...]
3:34 am
gene wilder » Sean Paul Feat. Santana how to convert videos for youtube said:
[...] Friday, VentureBeat reported the San Mateo, Calif.-based company let go of what was remaining of its staff except for three [...]
4:17 am
smokey robinson » Diário de Uma Paixão how to capture audio from youtube said:
[...] Friday, VentureBeat reported the download music free Mateo, Calif.-based company let go of what was remaining of its staff [...]
8:56 am
Akimbo Is Dead, Gone, And Now We Move On said:
[...] with things PC-specific, is now very much expired, as first revealed by Matt Marshall of VentureBeat, having closed the doors on its multi-million-dollar venture (47 large, if you’re talking total [...]
10:00 am
news.buysellrealestate.com.au » Blog Archive » Report: Set-top box maker Akimbo shuts down said:
[...] Friday, VentureBeat reported the San Mateo, Calif.-based company let go of what was remaining of its staff except for three [...]
11:33 am
☆ Akimbo my First Silicon Valley Start Up Throws in the Towel Saturday 24th of May 2008 said:
[...] Engadget, NewTeeVee, CNET News.com, Thomas Hawk's, TechCrunch and VentureBeat [...]
3:16 pm
Akimbo Is Dead, Gone, And Now We Move On | World News said:
[...] with things PC-specific, is now very much expired, as first revealed by Matt Marshall of VentureBeat, having closed the doors on its multi-million-dollar venture (47 large, if you’re talking total [...]
3:16 pm
Akimbo Is Dead, Gone, And Now We Move On | World News said:
[...] with things PC-specific, is now very much expired, as first revealed by Matt Marshall of VentureBeat, having closed the doors on its multi-million-dollar venture (47 large, if you’re talking total [...]
3:58 pm
Akimbo Is Dead, Gone, And Now We Move On | moraaz.org - feed all tech! said:
[...] with things PC-specific, is now very much expired, as first revealed by Matt Marshall of VentureBeat, having closed the doors on its multi-million-dollar venture (47 large, if you’re talking total [...]
7:10 pm
kelis » Blog Archive » ‘The Prisoner’, Location: Portmeirion save file from youtube said:
[...] Friday, VentureBeat reported the San Mateo, Calif.-based company let go of what was remaining of its staff except for three [...]
9:49 am
Satisfy Me : Mike Tholfsen's new blog on OneNote what else I've read recently said:
[...] Akimbo, online video delivery company, throws in towel for good » VentureBeat [...]
12:31 pm
Recovery and Forensic » Blog Archive » Report: Set-top box maker Akimbo shuts down said:
[...] Friday, VentureBeat reported the San Mateo, Calif.-based company let go of what was remaining of its staff except for three [...]
4:21 pm
Akimbo Jumps Into Deadpool, Takes $56 Million With It: tech product reviews, tech news, daily videos, free downloads, and podcasts, tech, products, computer, mp3 players, cell phones, digital cameras said:
[...] to VentureBeat, the entire staff has been laid off, save for three members who are staying on to facilitate the [...]
2:46 pm
No more niche video entertainment set-top boxes please | Welcome to Slide Studios said:
[...] having just received a large round of financing moths ago, and yet they’ve closed up shop. Venturewire postulates it is because they were a little behind other [...]
2:57 pm
No more niche entertainment set-top boxes please | Welcome to Slide Studios said:
[...] having just received a large round of financing moths ago, and yet they’ve closed up shop. Venturewire postulates it is because they were a little behind other [...]
3:35 pm
Roundup: Dell loses false advertising suit, Net will have a billion video viewers » VentureBeat said:
[...] like approaching Genghis Khan for war reparations. Akimbo insider details firm’s demise: Akimbo Systems went belly up last week as it tried to launch a video-on-demand service. An insider tells a story about the [...]
10:11 am
there also being said:
[...] to make a fresh start in a new direction, has just thrown in the towel anyway. In February, Akimbo bhttp://venturebeat.com/2008/05/22/akimbo-online-video-delivery-company-throws-in-towel-for-good/Attorney General’s Office Fires 10 Lawyers, Manager Washington PostThe D.C. attorney general’s [...]
3:17 pm
www.ubraniaroxy.pl » Blog Archive » Akimbo Jumps Into Deadpool, Takes $56 Million With It said:
[...] to VentureBeat, the entire staff has been laid off, save for three members who are staying on to facilitate the [...]
9:51 pm
What did you mean ? » Blog Archive » A VC’s View on Why Startups Fail said:
[...] of "well - it never really worked" - such as evidenced by the rumor from VentureBeat that Akimbo has thrown in the towel after raising [...]
8:48 am
PE HUB » Blog Archive said:
[...] VC-backed bust: Akimbo, with more than $55 million down the [...]