The company behind the OUYA is in desperate need of a buyer

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Remember back in 2012 when everyone was talking about this awesome new Android micro-console that popped up on Kickstarter? Known as OUYA, that micro-console went on to raise more than $8 million from initial backers and launched the following year. Unfortunately, it pretty dropped off the face of the earth after the initial hype died down, and now it looks like the company behind OUYA is in desperate need of someone willing to acquire it. 

A “confidential” memo from Ouya CEO Julie Uhrman has leaked to Fortune explaining how dire the situation really is for the company that Kickstarter built. It seems that the investors want their money, and they want it now. “Given our debtholder’s timeline,” Uhrman writes, “the process will be quick.” In fact, she wants interested buyers lined up by the end of this month. If all of this is true, we should expect to see major details surface in the coming weeks. Back in September of last year, we discussed the possibility of an Ouya buyout after sales continued to flatline. At the time, Recode was reporting that Ouya was shopping itself around to potential buyers in China and the US. Until this most recent report, we hadn’t heard much about it since then. Now that investors are looking for their cash on the double, the situation seems even worse than it was before

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