It’s reported that Israeli mobile phone manufacturer Modu is making most of its 30 employees redundant after unsuccessfully trying to raise money. The company, which makes modular mobile phones, recently announced the lightweight Modu T.
Israel’s Globes business news website quotes company founder Dov Moran as saying “This is not the end of Modu. We will try to raise money from other sources of capital. The company will continue to sell its products. We did not manage to persuade people that Modu has great potential, and that hurts a lot. It's my failure.”