Publish date:

Oraios crumbles after failed funding attempt

Company said it would reevaluate its steps, but Globes reports it closed down on Thursday

Internet startup


has evidently crash-landed.

Last week The reported that Oraios has fired 10 employees and closed down its New York office. At the time company CEO Idan Miller said that the Oraios, which attempted to raise $3 million of equity financing, was having trouble completing its funding round. He said it would evaluate its next steps over a few weeks.

But according to


TheStreet Recommends

, Thursday was Oraios' last day. The company fired all 25 employees and closed down the business.

The company founded by Idan Miller, Yoram Goren, and Adi Miller, developed an Internet software product that enabled surfers to view all images received over the Web in 3D. The application was designed to be primarily used for e-commerce.

About two months ago the company reported that it had signed a reselling agreement with advertising group

WPP group

. The deal was supposedly worth $10 million. According to the agreement, Digital Edge, WPP's interactive subsidiary, was given the exclusive rights to market Oraios' 3D application to its customers. Among WPPs clients are Young & Rubicam, Sony, United Air Lines, and AT&T.

Oraios managed to secure a total of $500,000 during its short life. Investors were Israeli fund Seed Angels Trust and Belgium fund Proseed Capital Holdings.