Slacker launched their internet-based radio service back in November of 2007, just in time for the holiday season. Despite the large amount of capital raised (over $50M), the company’s device just hasn’t really seemed to catch on. They’ve launched iPhone and Blackberry clients recently, which will give users an alternative to the $199 G2 player (shown at left). Back in June, company founder Celite Milbrandt left the company, and it’s unclear how much of the company is still left in Austin.

The company announced a $5M bridge financing from Sevin Rosen Funds, Rho Ventures, Centennial Ventures, Mission Ventures and Austin Ventures. Where the bridge goes in today’s funding and business environment, who knows? We hope the best for these guys, but adoption doesn’t seem to have been as solid as hoped.