Ipix, a veteran business of 360-degree imaging, ceased operations this week, as the company filed Chapter 7 bankruptcy on July 31.
SecurityInfoWatch.com reported earlier this week of Ipix's known troubles (see earlier story). The company had lost most of its board of directors, was not meeting NASDAQ compliance for listing, and the company's stock had dropped to exceeding low value.
In late June, Ipix had announced that it was creating a $5 million private stock placement that would fund the surveillance company's operations. But even a $5 million placement may not have staved off the company's financial demise; in the previous quarter, IPIX lost $3.8 million.
Ipix was known first in the consumer market for its innovative approach of using 360-degree surveillance to show the insides of homes for the real estate market. Its technology came out of Knoxville, Tenn. -- created by a number of former employees of the Oak Ridge National Laboratory. As of lately, IPIX had become a cutting-edge technology for the security/surveillance industry, and was reportedly working for the Department of Defense to create what would be the highest resolution camera yet. In January, the company launched its 3-megapixel CommandView camera, a fixed dome-style camera that gave an exceedingly detailed view of the area it was assigned to capture.