Meta was declared insolvent last week before the judge hearing the patent suit they received.
The company has sent a statement in which they state that they are still fully active and that this week they will share the details of the restructuring they have carried out:
“Meta Company, a pioneer in augmented reality (AR), announced that, contrary to recent industry rumors, the company is still fully operational and continues to develop, sell and support its products by working with a team of engineers and product specialists. Those with questions about sales or support can contact the company. The company will issue a statement later in the week addressing the details of the recent restructuring and subsequent progress.”
ORIGINAL NEWS (11/01/2019):
Goal, company responsible for the augmented reality viewer Meta 2, declared insolvent on Wednesday before the court of Delaware (USA), which definitely ends its trajectory, as published Next Reality. The problems started in August last year when Genedics sued Meta for patent infringement, specifically those covering ” user interface methods for image manipulation and user input in a three-dimensional space where projectors display images and sensors identify user input.” Soon after, they lost the vast majority of their employees (some of them managers) by failing to close a new round of funding of $ 20 million.
The judge in charge of the patent case received the following Meta note, in which they detail that the negotiations with the plaintiff company have failed and that they cannot face the legal process:
Dear Judge Burke:
I am responding to your court order that Meta Company hire an attorney or settle with Genedics LLC.
I regret to inform you that negotiations to reach an agreement were unsuccessful. In addition, Meta Company’s lender exercised its resources as a first priority secured lender and foreclosed and sold all assets to a third party in a UCC foreclosure sale at less than the outstanding loan amount, and Meta Company is insolvent. Meta does not have the resources to hire an attorney or offer a settlement offer.
Chief Financial Officer
The demand from Genedics and the loss of staff caused the company to withdraw from its website the sale of its PC viewer capable of offering 90º of FOV, which probably slowed down the agreements they had reached with Dell, who were going to distribute the Meta 2 platform through their channels.
In its more than 6 years of activity, Meta achieved a successful Kickstarter and raised about 73 million dollars in different funding rounds.