Zenph Sound Innovations, Inc. is rebooting – with a new name, business plan and some new funding.
Now called Online Music Network, Zenph has changed directions since encountering financial difficulties.
The company has raised $450,000 in new funding, according to a filing with the SEC. It is seeking to raise $925,000.
Kirk Owens is listed as the chief executive officer.
The firm’s address and phone number are the same as when it was known as Zenph.
Katrin Burt of Intersouth Partners is listed as one of the firm’s three board members.
Before the SEC filing was made, Suzanne Cantando, spokesperson for Intersouth, said that Zenph “has not shut down.”
“The team is working on a new business model,” she said in an e-mail on July 19.
Cantando could not be reached for comment after the SEC filing.
The Triangle Business Journal reported in late June that Zenph was in the process of “winding down” due to financial woes and had defaulted on a $1.2 million loan.
Zenph raised nearly $11 million in 2009 and hired veteran entrepreneur Kip Frey as its chief executive officer. Frey left one year ago.
Capitol Broadcasting, the parent firm of WRAL Tech Wire, was among Zenph’s investors.
