A multi-million dollar start-up that provided its services to well-known media outlets has collapsed owing $1.3million to creditors.
melbourne-based Oovvuu plunged into liquidation in May despite investors pouring $8.5million into the company since its launch in 2014.
The company provided services to more than 250 media outlets around the world and counted Reuters, BBC, ABC, Channel 7 and Newscorp among its clients.
Oovvuu was considered an industry-leading start-up as it had developed an AI system that allowed journalists to match the most relevant videos to news stories.
The company owes $1.3million to 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 liquidators of Oovvuu Pty Ltd.
Oovuuu’s LinkedIn page states: ‘We provide publishers with a full stack solution including the video, the platform,…
