The developer of Unlockd, a mobile app that sends targeted ads to users when they open their smartphones, has filed for bankruptcy in New York as it hunts for financiers to fund litigation against Google, which the startup blames for its demise, the Wall Street Journal reported. The Australian-based tech startup has accused Alphabet Inc.’s Google of flexing its dominance to kill a potential competitor in the mobile advertising market. Unlockd’s U.S. subsidiaries filed for chapter 11 protection on Friday in the U.S. Bankruptcy Court in New York. The company also has filed for the equivalent of chapter 11 protection in Australia and the U.K. Founded in 2014, Unlockd’s business model offered an alternative to Google. Users of Unlockd receive credits that can be redeemed for rewards in exchange for viewing targeted ads sent to their Android phones. The startup had been preparing an initial public offering in Australia for early 2018 with an anticipated valuation of between $180 million and $230 million, according to a report prepared by Australian administrators. But interest in Unlockd, the startup says, evaporated after Google threatened to remove the app from its Google Play store and Admob mobile advertising sales tool, saying that the app violated its terms of service.
