A multi-million dollar startup that provided services to well-known media outlets has collapsed due to a $1.3 million debt to its creditors.
Melbourne-based Oovvuu went into liquidation in May despite investors pouring $8.5 million into the company since it launched in 2014.
The company served more than 250 media outlets around the world and counted Reuters, BBC, ABC, Channel 7 and Newscorp among its clients.
Oovvuu was considered a leading startup in the industry because it had developed an artificial intelligence system that allowed journalists to match the most relevant videos with news stories.
The company owes $1.3 million to its creditors, including the Canadian Broadcasting Corporation, Euronews, Bloomberg, AFP and Aljazeera.
Employees are owed $489,000 in unpaid entitlements and there are 32 unsecured creditors.
Insolvency firm Auxilium Partners has been appointed as liquidator of Oovvuu Pty Ltd.
From oovuuu LinkedIn Page He says: ‘We offer publishers a complete solution that includes video, platform, player and monetization.’
A multi-million dollar start-up that provided services to well-known media outlets has collapsed due to a $1.3 million debt to creditors (pictured, Oovvuu counted ABC as a client)
In Australia, Oovvuu had attracted interest from Channel Seven, News Corp and ABC.
‘Our mission is to include a relevant video in every article, to tell trusted news to billions of people and to return billions of dollars in advertising revenue to the news industry.’
The company was set up by former Fairfax Media employees Ricky Sutton and Greg Moore and former Southern Star and WIN Corp finance director Ross McCreath.
Mr Sutton said news.com.au He was not CEO when the company collapsed and has not been involved with Oovvuu for a year.
In 2020, Mr Sutton said: InnovationAus.com The company started as Contentco and was having trouble getting funding.
We chose that name because we didn’t want to be too cool or sexy.
“It was a completely wrong decision.”
The company served more than 250 media outlets around the world and counted Reuters, BBC, ABC, Channel 7 and Newscorp among its clients.
Melbourne-based Oovvuu has worked with global media outlets including the BBC (pictured)
Mr. Sutton said he consulted a friend in Silicon Valley who had sold a start-up for $600 million.
‘He told me I had to pick a name with two ‘O’s that Silicon Valley would love, because all the successful Silicon Valley companies (Google, Yahoo, Facebook) have names with two ‘O’s.’
‘So we searched GoDaddy for domain names with two ‘O’s, found Oovvuu, bought it for $90, and got financing within three months.’