Blippar, once a much-hyped augmented reality start-up, has fallen into administration.
The U.K.-based firm said Monday that Paul Appleton and Paul Cooper, of David Rubin and Partners, had been appointed as administrators by a U.K. court.
"Blippar's services are likely to come to halt once the administrators take control of the business and its servers," Blippar said in a blog post Monday.
It added that "all employees will be let go" as part of the administration process, and that the news marked an "incredibly sad, disappointing, and unfortunate outcome."
The administration process is similar to filing for corporate bankruptcy in the U.S. It can result in the recapitalization or sale of a business. Blippar's administrators said they were exploring "all possible options for the future of the business."
The collapse highlights a dramatic shift for a company which once claimed to be valued at $1.5 billion by investors — a valuation that would have seen it rise into the ranks of Europe's fledgling "unicorn" companies.