Child locator technology company Filip Technologies Inc. and several affiliates filed for bankruptcy protection Wednesday in search of a buyer for a business built around the desire of parents to keep tabs on youngsters, the Wall Street Journal reported today. Filip’s wearable tech products picked up investors and won awards, but the company ran into financial trouble. Assets are worth less than $10 million, while debts top $10 million, according to documents filed with the U.S. Bankruptcy Court in Wilmington, Del. An affiliate of AT&T has been keeping Filip afloat and is offering to finance a bankruptcy process aimed at getting to a sale early in November. Some 13,000 U.S. families are using the Filip service, which is offered through wireless carriers. The company was forced to spend heavily on early-stage product development and was dependent on short-term funding that put it under pressure, court papers say. In 2015, Filip exited the device business and focused on trying to sell the service that connects parents and children in an effort to bring in revenue.
