That sounds to me like they failed hard, both from a technical point of view and marketing-wise. (This is the first time I've heard of them.)
Simply burning through lots of money is not an interesting factor.
Edit: I tried it out: https://i.imgur.com/0YBorgG.png
Sometimes i wonder how much "business" is about getting gov. subsidies, grants or scamming the masses, then distributing wealth to friends and family horizontally to elite peers.
Amounts that seem absurd to billions of working class people disappear on the daily apparently with zero value ever created - i've seen this happen enough times IRL to realise that most business is part performance, part deception around very little actual core value, - businesstheater almost.
I've seen a lot of that crap on e.g. the Oslo Stock Exchange over the past two decades. Lots of money from local and very inexperienced (e.g. fishing/shipping/oil money) companies/people, looking to invest in tech and often randomly landing on investing in quite far out gambles where it's legitimitely really hard to figure out of there's an intent of fraud or not. The exec teams tend to draw disgustingly high comps though. Then the weird companies get insanely hyped for no reason by local "economy journalists". Then there's loads of insider leaks and trading. Oslo Stock Exchange is like the wild west.
I thought this was largely isolated to small immature markets like e.g. Norway though.
https://neeva.com/massets/ask-neeva/does-neeva-use-bing.html
Why then reinvent the wheel and spend untold amount of resources re-crawling the web, when Bing will let you use theirs? What secret sauce for crawling web pages does doing your own crawl bring to the table?
(Yes, you also namedropped Pagerank for some odd reason.)
The thing is, though: You can't easily outsource the crawling and then do the quering/ranking inhouse. The reverse index and various other data structures you need are inherently tied to the data structures from the crawler output. This is a very large amount of data and it's changing often.
The outsourcing that is being done is at the "search query to results" level. That is why this is so disappointing.
Please, relax.