Sunday, February 25, 2024

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Rithmio’s Early Demise

Rithmio, which was a startup for developing software for wearable devices, has been shut down. The company has been closed for good toward the end of the previous year as told by the Co-founder of Rithmio, Adam Tilton. Now, when you search the company on the google search bar the office being “permanently closed” appears.

Back in 2013 Rithmio was founded by Adam Tilton an alumnus of University of Illinois along with Prashant Mehta an associate professor at University of Illinois. The investors such as KGC Capital Intel Capital, OCA Ventures, MAS Capital Pvt Ltd., Hyde Park Ventures Partners, Foley Ventures, Hyde Park Angels, MKRC Ventures, New Coast Ventures and Serra Ventures collectively contributed to an investment of $3.6 million.

According to Adam, Rithmio had employed 15 people in their startup. Although Tilton wouldn’t comment on the causes and situations which lead to such an early demise of the company, he says that he is planning to release a press report in the coming week as “ postmortem” on the firm saying that they have learned their usual startup lessons.

He also added that the company’s story “hasn’t finished being written yet” pointing towards the possibility of selling the firm’s assets or announcing something additional in the upcoming press release.

Rithmio took the start by developing and building tracking software for missiles and satellites but in 2014 took a turn by developing software for the wearable technologies. Rithmio’s main aim was to build a software that could accurately measure movements by being incorporated into the wearable. For example, in a basketball game Rithmio’s software could measure exactly the number of jumpshots the players took in the game instead of just measuring the steps.

Rithmio Edge was launched in 2016 by the company after raising a good $3 million. It was an application for the android devices used by weightlifters and athletes tracking their workout routines and measuring their progress along the way.

While little has been known as to why the company shut down but AI tracking wearable devices hasn’t been much of a success lately as it was predicted.

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