is cutting back and shaping up, including by dismissing six of its 22 workers. The company, with star backers including Mirabilis father Yossi Vardi and a host of leading Israeli businessmen, says it has no intention of firing any more people.
WizApp was founded in 1999 to develop software to build dynamic websites, where the content and applications change rapidly. Examples are e-commerce sites and news sites. It unveiled its technology in October at the Internet World expo in New York. Since then, says cofounder and CEO Shlomo Unger, WizApp has sold three servers. WizApp is in talks to sell another to Yellow Pages Israel.
To date the startup has raised $2.8 million, about $600,000 in seed money and the rest at a later stage. Its last round was held at a company value of $20 million post-money. Unger holds the biggest stake (39.5%). ICQ cofounder Yossi Vardi holds 12.5%.