The company has raised $7 million to date.
Start-up HyWire is on the verge of collapse. Sources inform ''Globes'' that the company sent dismissal notices to all employees with 60 days advance notice of termination of their employment.
HyWire CEO Moshe Stark declined to comment on the report.
IVC Online reports that HyWire has 20 employees at its Netanya offices. So far as is known, the company’s employees will be required to work until termination of their employment. HyWire hopes to receive a large order that will prevent the lay-offs.
Founded in 1999, HyWire develops search algorithms for routers and switches. The company has raised $7 million to date. Shareholders include a target=new href=http://www.pitango.com/> Yozma Venture Capital, Ofer Brothers Hi-Tech, Infineon Technologies (NYSE, FSE: IFX) and its investment arm, Infineon Ventures.
Published by Globes [online], Israel business news - www.globes.co.il - on September 12, 2005