Andre Yoskowitz
25 May 2008 1:39
The Internet video-on-demand (VOD) startup Akimbo has confirmed that it is closing its doors citing that the company has not been able to raise enough capital to remain profitable.
The company has been laying off staff and is currently looking for an acquiring company to buy up the company's remaining assets and staff. Currently all video services run through Akimbo are running, including Homezone and MavTV.
Chief finance officer Peter Chantel is the only executive now left at the company and noted that 24 employees have been laid off in the last month.
Akimbo is one of the pioneers of networked set top boxes and as long ago as 2006, was supplying features in its service that rivaled the Apple TV or the new Roku Netflix player.