VizionWare Inc., a producer of cables and adapters, has shuttered -- and fast. The announcement went out today and the company's website has already disappeared. Attributed to disappointing sales in Blu-ray connectors, its close leaves investors who contributed $21 million since its 2002 founding out in the cold, including Novus Ventures (with a 27 percent stake), Access Venture Partners, DFJ Mercury Venture Partners, Individuals' Venture Fund and InterWest Partners.
The Austin, Tex.-based company started to unravel earlier this year when it failed to raise even $4 million in third round funding this June. It laid off some of its staff, which was already pretty slim, and began hunting desperately for a buyer. Its product revenue so far this year was a grim $318,000, which was only a slight dip from 2007.
Even though Blu-ray revenue has been flat, not miserable, the HD industry has taken a toll on VCs. Earlier this year, HD chip-maker Vativ Technologies Inc. sold out to Entropic Communications Inc. for just $5.9 million after raising $37.7 from investors, reports VentureWire.