Tink Labs, the China-based hotel technology provider backed by mobile device producer TCL and manufacturing services firm Foxconn, is shutting down, the Financial Times reported on Tuesday.
Founded in 2012, Tink Labs provides smartphone-like devices to hotels that allow guests to enter their rooms and access hotel services as well as local information. It was reported in November 2018 to be in the final stages of negotiations to raise $300m at a $1.5bn valuation,
However, the company has been executing large numbers of layoffs in recent months and will shut down today, several current and former employees have told the FT.
One source said many of those staff reductions had taken place in international markets where Hong Kong-headquartered Tink Labs had expanded.
The last funding the company disclosed was a $125m round featuring Foxconn subsidiary FIH Mobile, which supplied $110m according to Geektime, as well as investment firm Sinovation Ventures and private investor Cai Wensheng in 2016.
FIH Mobile had already invested $13m in the company in 2015, bringing its overall funding at that point to more than $35m according to e27. TCL had reportedly provided an undisclosed amount for Tink Labs the previous year.
