Start-ups go under every day. But typically there are some warning signs. You know, like a lack of funding. That's what makes the collapse of Agami Systems, a California-based tech start-up, earlier this month so shocking.

The company appeared to be doing remarkably well. They had secured three solid rounds of VC funding, including a $45 million investment just this February. A mere six months later, company execs announced that they were shutting Agami down. The news was such a surprise that even company employees were blindsided. The Mercury News quotes a "newly hired sales rep" who thought that the Aug. 4 meeting had been called because, "we were getting bought out."

The most obvious and puzzling question is where the hell did all that money go? You have to really try to go through a sum of money like that in six months. Their business plan must have included an entire section on the most effective way to burn through piles of cash (Matches? Ineffective. Lighter fluid and a flame thrower? Yes!).

Beyond that, if the management team was showing signs fiscal irresponsibility after the first and second of funding (and let's face it, the proclivity to spend money doesn't usually come on out of nowhere like a cold), it's hard to understand why investors would have given them any more cash. Of course, if they actually managed to plow through that $45 million in six months, it's entirely possible that that's what finally happened on August 4. Their cash cow may have simply dried up. Some are even speculating the VCs funding the operation may have taken back some of their money. Other former employees believe that company execs shuttered the business with money still in the bank, according to the Mercury News.

For now, that's all speculation. The only official word from Agami is a comment from one of its founders, Kumar Sreekanti—and he hasn't offered much:

"Agami's board has decided to shut the company down as the efforts to raise further capital didn't materialize in time. It's really unfortunate, but that is true," he said. "The company is going through a process of the liquidation of assets, so I don't have anymore details than that."

Really? It seems like there might be a few details you're leaving out there Kumar—like where all the funding went.