$10.9m funding fails to keep company afloat.
The HTML5 mobile platform is seeing continued growth as companies choose web apps over native clients in order to reduce porting costs and bypass restrictive walled gardens.
But this doesn't appear to have helped save HTML5 gaming pioneer Moblyng.
VentureBeat reports that the firm has closed because revenues have failed to live up to expectations.
Stewart Putney, founder and CEO of Moblyng thought HTML5 games were destined to be the future of mobile. He believed that developers could benefit from creating one game to run across a variety of devices and platforms, which would in theory save expense and boost profits.
A year ago, the firm secured around three-quarters of a $10.9 million funding round, but Putney confirmed the 20-strong Moblyng team has now been made redundant.
Article continues belowAdvertisement
Initially the company opened as FlipTrack in 2007, which converted Flash slideshows to mobile operating systems, though it soon changed its strategies to target the HTML5 gaming platform for social networks and mobile.
In an email to VentureBeat, Putney said: "We did not monetize enough to stay in business. I am very proud of the work we did, the HTML5 games are still live and we have a growing base of active users.
"I remain very confident HTML5 will be a great platform for social games and media, it is simply a question of when. We just unleashed a group of kick-ass HTML5-focused professionals into the market, so my hope is they will help the HTML5 ecosystem develop that much faster."
Ironically for the firm, following an October launch, its Facebook HTML5 gaming audience had started to grow in December once its cash supplies and time had been depleted.
Add a new comment
You need to be logged in to post comments. If you do not have an account then please register.
Comments
0 comments
There are no comments yet, be the first to add one!