The start-up raised $15 million since being founded in 2000. Some funds will be returned to investors.
Start-up Commil, which developed Bluetooth mobility management applications, has reached the end of the road. After firing 15 employees on August 15, the company notified its remaining six employees today that it was ceasing activity.
Since it was founded in 2000, Commil raised $15 million from Tamir Fishman Venture Capital Ltd. (TASE:TFVC), Gemini Israel Funds, Formula Ventures, and Royal Philips Electronics (NYSE:PHG; AEX:PHI). It will return to its investors the few million dollars remaining from its last financing round in last 2004. Commil was developing a product to link the home and office with fixed mobile convergence networks.
Commil CEO Yuval Dovev said the company closed down when it realized that it could not achieve significant commercial success, because the world was leapfrogging Bluetooth technology. “We gradually discovered that Bluetooth was only an interim technology before Wi-Fi. We initiated Wi-Fi projects, but this is a very crowded field. We stopped all activities in late August, and looked at new directions, but I ultimately decided not to use up our cash, and to return it to our investors.”
Published by Globes [online], Israel business news - www.globes.co.il - on November 23, 2005