Confirmed: Akimbo Closed for Good

9 Comments

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 further information.

Update: We received confirmation that Akimbo has indeed shut down. We’re following up to get more details and will post them as we learn more.

Update 2: We spoke with Akimbo CFO Peter Chantel and got the full scoop on the company being shut down as it looks for a buyer.

As we’ve written before, Akimbo has always struggled to find its place in the modern video landscape, trying numerous business models and burning through even more cash. In its journey from hardware maker to content services provider to its latest incarnation as a white-label video provider, the company has gone through $47 million since 1999, raising its latest round of $4 million just a few months ago.

Akimbo brought on Thomas Frank as CEO a little over a year ago to turn it around and hired Phil Sakakihara as its new CTO in March.

There were more pressing signs of trouble recently as the company laid off 10 people earlier this month.

9 Comments

vaxen var

Oi! “Lie” in the above comment should be Life! So sorry about that… “Life in general is about flow.”

Vax

vaxen var

Lie in general is about flow. Well designed systems are theproduct of evolution. If you aren’t evolving you’re devolving. Looks like Akimbo is just that. The web isn’t television! Hey, web 4.0 is just around the corner, eh? ;)

G

11.29.04 – “So when Shannon pitched the Akimbo idea to dozens of venture capital firms two years ago, right in the teeth of the tech crash, he was unsurprised to see his listeners roll their eyes in disdain. “I was practically climbing over dead bodies to show them another moron with an interactive TV idea,” he says.”
http://www.forbes.com/forbes/2004/1129/162_2.html

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