Founded 1999 | ||
Platypus Technology was a high-technology "startup" company active from 1999 to 2003.
History
Founded in 1999 by Geoff O'Reilly and Colin Lillywhite of Australia it entered the data-storage market to provide high-performance solid-state storage devices. After a period of operating from Sydney, Australia, the company received an infusion of cash from a syndicate of venture capital funds (including JAFCO and eEcentury Partners).
In 2000 the headquarters moved to the United States (West Lebanon, New Hampshire). The storage market proved more difficult to tackle than originally believed. Nevertheless, there were some encouraging initial successes, notably with customers such as Monster.com, E*Trade Financial and Charles Schwab. The general economic malaise that followed the bursting of the high-tech bubble in 2000 coupled with the events of September 11, 2001 contributed to dramatically shrink the market the company was trying to address.
After a further round of venture funding, the company entered into turmoil, having Colin Lillywhite replaced by Bill Armitage as CEO in 2002 and Bill Armitage himself replaced in 2003. After many months of virtually no sales and general disarray the company closed its doors in November 2003.