The startup, Memo.AI announced that it is shutting down service, while Coinbase opted to acqui-hires its technical team management tool.
The startup was trying to develop an innovative note-taking tool to help technical teams with their knowledge management activities. The idea was rather simple: technical teams, knowledge workers are technically literate and use lots of software to get their job done in a fast-paced ever-changing world. The software is designed to use machine intelligence to optimize user workflows.
In a blog titled “It Didn’t Work!” co-founder of Memo.AI, Mircea Pașoi posted
For the past 2 years, we’ve tried to solve a problem we truly believe in: knowledge management for technical teams. We think this is an important problem but we didn’t succeed in finding product/market fit and building a sustainable business.
That’s what makes today a bittersweet day here at Memo. We’re sad to announce that the Memo service and company will be shutting down on March 16th 2018.
We’re happy to announce that most of the Memo engineering team has been acqui-hired by Coinbase, one of the world’s most popular ways to buy and sell cryptocurrencies! Also, our design co-founder will be joining Dropbox and will continue to apply her Memo knowledge as part of the Dropbox Paper team.
The note added that they had stopped accepting new signups though Memo app would be available existing users for two more months, until March 16, 2018. During the time, existing users would be able to export their data in both HTML and Markdown format.
Coinbase, the cryptocurrency exchange, also echoed the announcement adding it was taking over the engineering talent to help it continue to capitalize on the crypto boom.
— Coinbase (@coinbase) January 17, 2018
According to Techcrunch, “For Coinbase, the acquisition comes at a time where the team is rapidly scaling its engineering efforts to account for the sudden boom in cryptocurrency investments. The acquihire of the Memo.AI team brings on much-needed additional engineers and ones that have experience with creating pipelines to help technical teams run.”