Geocast Network Systems, the Silicon Valley-based company that planned on using the leftover digital television broadcast spectrum, satellites and cable systems to transmit video and other data to people’s computers, said Thursday that it is shuttering shop. The company is now seeking buyers for its assets.
Geocast toppers blamed a lack of additional funding for its closure. “Geocast had a tremendous vision and the talent to build to that vision,” said Joseph Horowitz, chairman and CEO of Geocast. “To reach the final stage of execution we needed additional funding. The current market environment was simply not conducive to our efforts in this regard. We sincerely thank our employees and partners for their commitment and support over the last 24 months.”
Geocast had raised venture capital and an additional $10 million from Belo and Hearst-Argyle. It also had inked a deal with satcaster EchoStar to begin distribbing content. The company had already laid off 45 staffers last fall. Competitors include iBlast.