Category: BNSG Capital

May 28, 2019 Off

VCs give failed AR startup Meta a do-over with new CEO, corporate entity

By Jill T Frey

AR startup Meta’s original investors might have been screwed by the company’s collapse and fire sale, but a pair of VC firms are giving the brand another shot with a new corporate entity and CEO that the new backers hope will lead to a less abysmal outcome.

Meta Company is now Meta View, “a wholly new and unaffiliated entity.”

Meta v1’s not-so-differentiated approach to the AR market led it into trouble competing with teams from Magic Leap and Microsoft that were more focused on new technologies, though Meta was also well-financed with some $73 million in funding raised, according to Crunchbase. The issue came as the company burned through that cash with the expectation that more was on the way. The unexpected dissolution of a $20 million funding round sunk the company and left it scrambling.

Ultimately, the company’s assets were sold months ago — for “less than the … Read the rest