Vidoop shuts down, but eyes resurrection - Portland Business Journal:

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But the once-promising Internet securit y startup could be on the pathto resurrection. CEO Joel Norvel l said Vidoop is in the middleof “really intensde efforts” to secure new financial If all goes well, Vidoop could be up and runningh by the end of the month, albeiy with a new chiedf executive — part of a mutually agreed parting, Norvell said. “We’re doing everything we can to get the companyh back up and running as quicklt aswe can,” Norvell said. Vidoop relocatedc to Portland from Tulsa, Okla.
, last documenting its five-day road trip alongy the Oregon Trail on its company Thecompany — which as of last fall employed abour 40 workers, nearly all of whom own Vidoop stock — has developex a new way of authenticating Web-site userss by replacing passwords with a visual logijn featuring clues only the registered user coulxd decipher. The service had been actively used by aboutt 80 financial institutions for thepast year-and-a-half, Norvell But the company ran into trouble last montn when a presumably wrapped-up investment deal fell aparty at the last minute. The deal would have kept Vidool running for at least a Norvell said. Vidoop ceased operations on May 11.
The companuy was pre-revenue and just bringiny its product to market when itshut down, Norvellk said. Unable to pay its employees, a dozen former Vidooo workers filed claims with thestates , which on Tuesday said it has paid out $23,00o to seven of those workera through the state Wage Security The claims on the final five workersx are still being processed. Since its closure, Norvell said at leastg three investment groups have expressed interestin Vidoop. The company is now negotiatinb with twoof them. The latest potential roundc of financing, Norvell said, is “in the best interestr of the investors and the employeeunit holders.
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