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Anki is closing the doors on its toy robot business
Anki, the startup responsible for adorable robotics, is closing its doors and will terminate nearly 200 employees Wednesday. CEO Boris Sofman broke the news to staff today, Recode reports. In a statement provided to Engadget, the company said, "A significant financial deal at a late stage fell through with a strategic investor and we were not able to reach an agreement."
The news comes as a surprise, given that things seemed to be going well for Anki. Since its launch in 2010, the startup has raised more than $200 million in venture capital. Its main products Cozmo and Vector seemed to be successes. Vector launched last fall after a $2 million Kickstarter campaign, and most recently, it received Alexa integration. And Cozmo has been credited with teaching kids to code. The only shadow of a doubt seemed to be that the devices appeared more like toys than the advanced, AI-based robots that they were. Still, Microsoft, Amazon and Comcast had reportedly expressed interest in acquiring the company.
Learn to code job-killing robots.
Also at Recode.
(Score: 3, Insightful) by FatPhil on Tuesday April 30 2019, @08:24AM (4 children)
"Seemed"? Did they turn a profit? A regular one? I'm not sure if accountants have the concept of "seeming" to make a profit, they just subtract actual outgoings from actual incomings, perhaps that's a safer model of "success", a cold hard factual one rather than a nebulous "seem". Did they have actual demand - were they unable to keep up with demand? Why were they looking for new investment - was it because they needed to expand to keep up with demand, or was it that it was now time to pay off the old loans, and so they needed new loans. (A.K.A. "bigger idiots")
There are too many stories about seemingly "successful" companies going bust - has "successful" been redefined whilst I wasn't looking?
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 3, Touché) by takyon on Tuesday April 30 2019, @08:41AM (1 child)
They were successful in raising more than $200 million in venture capital, but not successful in scoring a multi-billion dollar buyout before it was too late.
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 2) by FatPhil on Tuesday April 30 2019, @08:56AM
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by damnbunni on Tuesday April 30 2019, @11:42AM (1 child)
Largely the problem is that their toys were reasonably successful, but that wasn't the business they wanted to be in. They wanted to do Serious Robot Stuff.
Unfortunately, the toys weren't profitable enough to bankroll that.
(Score: 0) by Anonymous Coward on Tuesday April 30 2019, @03:25PM
Learn to code killer robots and DOD will beat a path to your door.