Prysm Inc. Files For Bankruptcy
Prysm Inc. has filed for bankruptcy after cutting a deal to sell some assets and hand over others to lenders including Kuwait’s sovereign-wealth fund.
The company sought chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del., with massive liabilities of USD 273.6 million and assets of a mere USD 4.6 million.
If you have a very long memory, you may remember that Prysm was formally Spudnik. It started demonstrating its LPD large venue displays back in 2010 in technology that in many ways was pitched against Christie’s MicroTiles.
The initial technology used laser diodes and a surface-emissive phosphor panel in an affair much like that of a laser printer. Once directed by a mirror, the laser turns the phosphors red, blue or green thus producing a flicker-free image that’s also void of motion blur. Like MicroTiles it was an incredibly expensive proposition and the company soon realised that it was pushing uphill against the emerging display trends and tried desperately to turn itself into an enterprise software company.
In 2017 Prysm, acquired Kaybus, Inc., known for its secure, cloud-based Knowledge Automation software for enterprises.
ESW Capital LLC will buy Prysm’s software business for USD 15 million. Prysm’s hardware divisions and remaining assets will be taken by lenders including the sovereign wealth fund and the Kuwait investment authority.
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