Napster premiered before we did and pissed in the VC punch bowl. But even if we had gotten funded I doubt we'd have been successful. Our technology relied too heavily on high speed connections and the days of wideband to the home were still more than a decade away.
Fortunately, one of our talented programmers, Bram Cohen, took (with the blessing of the founder, Jim McCoy) the most practical parts of the ideas and created BitTorrent. Bryce "Zooko" O'Hearn went on to create Tahoe LAFS and more recently ZCash.