is succumbing to the VC slowdown. The company, which at its peak employed 20 people, has recently fired half of them from all divisions, TheMarker.com has learned. It also closed down its New York bureau.
CEO Idan Miller today said that the company, which tried to secure $3 million in recent months, is struggling to secure the money. If we manage to secure financing in the next few weeks, we can return to normal activity but will operate at a lower expenditure level," he said.
The company, founded by Idan Miller, Adi Miller and Yoram Goren, has developed a product allowing surfers to receive 2D surfing services in a 3D environment, which simulates a realistic environment. The product is designed mainly with e-commerce applications in mind.
On November 19, the company announced an alliance agreement with with advertising agency
(Nasdaq:WPPGY). The scope of the agreement was about $10 million. WPP's interactive applications branch Digital Edge received exclusive rights to market Oraios' 3D environments to its customers.
WPP's clients include ad agency
To date Oraios has secured half a million dollars from Israeli investment firm Angels Seed Trust and from Belgian fund