Navdy, a US-based visual driving technology developer backed by mobile chipmaker Qualcomm, has reached out to would-be creditors as it prepares to liquidate, TechCrunch reported yesterday.
Navdy is using a process known as General Assignment for the Benefit of Creditors, which enables Navdy Inc to transfer tangible and intangible assets to Navdy LLC for liquidation and winding down the business. Would-be creditors have until April 24 2018 to file a claim.
Founded in 2013, Navdy has created a control-based display for drivers to show information from their smartphone in the line of sight.
The news about a liquidation process follows months of speculation about whether Navdy was still in business. Its social media accounts fell silent weeks ago and customers have reportedly been unable to contact anyone at the company.
One unnamed investor told TechCrunch that they had not been contacted ahead of or since Navdy sent a liquidation notice to customers. Navdy told one user on social media platform Twitter last week that it was in the midst of a reorganisation, but did not elaborate further.
Navdy had secured $42m in funding. Connected technologies developer Harman provided $15m as part of a strategic partnership in December 2016, after Qualcomm’s investment unit Qualcomm Ventures took part in a $20m series A round in 2015.
The series A round was led by Upfront Ventures, with participation from Formation8, Promus Ventures, Ludlow Ventures and Wareness.io, the incubator operated by marketing company VSC.
Wareness.io previously backed a $6.5m funding round in 2014 alongside Upfront, Ludlow, Promus, Lightbank, Mesa+ and Eniac Ventures.