Glue Collaboration, the Helsinki-based startup creating remote collaboration tools for XR, announced it has filed for bankruptcy, putting the future of its business-focused social platform Glue at risk.
CEO Jussi Havu announced the news on April 10th, stating that Glue Collaboration declared bankruptcy on April 8th, and that the Helsinki, Finland-based company would soon be liquidating its assets—undoubtedly the most important of which is the social XR platform Glue itself, which supports Quest and SteamVR headsets.
Havu says in an announcement (also seen below) that in the next two weeks, the company will be “exploring all options to secure a successor for the Glue service. As we cannot promise a definitive solution, users should prepare for the possibility that the Glue service may soon be discontinued.”
“Unless a successor can be found, the company’s business operations will be discontinued within the course of two weeks or even earlier if the service providers for the company’s servers decide to shut the servers down or deny access due to unpaid invoices,” Havu says.
Founded in 2017, Glue’s most recent funding round was completed in 2019, raising a total of €3.5 million (~$3.85 million), leaving the company ostensibly well positioned to capitalize on the mass shift to remote work which which emerged in early 2020 as the result of the COVID-19 pandemic.