Friday, June 1, 2007
ClearMesh Execs Look For Buyer
Suresh Nihalani, CEO of Pasadena-based ClearMesh, spoke to socalTECH Thursday and confirmed that the company curtailed its operations considerably last week, and is now looking for partners willing to carry the firm's technology to market. Sources close to the company told socalTECH that the firm had shut down operations last week and laid off most of its employees. Nihalani confirmed the firm's moves last week, and said the company is no longer looking actively for business. Nihalani said that its investor, Idealab, told the firm that the company's sector is not strategic to their investment plans, which have turned toward clean energy. The company now only has a small set of the management team remaining, who are focused on looking for a partner interested in the company's technology. The firm believes that it has seen lots of traction from the security and surveillance market, where it has seen lots of deployment of its product, an industry where companies are looking for a large amount of bandwidth and non-interference with Wi-Fi, traits of the firm's free space optics technology. Nihalani said that he believes the company is a good match for companies in the surveillance area and is very focused on looking for a partner.