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Drone operating system startup Airware today suddenly informed employees it will cease operations immediately despite having raised $118 million from top investors like Andreessen Horowitz, Google's GV, and Kleiner Perkins. The startup ran out of money after trying to manufacture its own hardware that couldn't compete with drone giants like China's DJI. The company at one point had as many as 140 employees, all of which are now out of a job.
A source sent TechCrunch screenshots from the Airware alumni Slack channel detailing how the staff was told this morning that Airware would shut down.
Source: https://techcrunch.com/2018/09/14/airware-shuts-down/
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Drone startup Airware crashes, will shut down after burning $118M –
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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
Tell a man there are 300 billion stars in the universe and he'll believe you.
Tell him a bench has wet paint on it and he'll have to touch to be sure.
(Score: 2) by JoeMerchant on Sunday September 16 2018, @11:55AM
I'd guess less than 10% of the money went on hookers and blow, although they did start an investment fund - so the percentage that went over there might have been higher.
The drone business involves expensive toys, $5K per unit for whatever fancy unit you think you want/need - not talking full system, just: gimbal pointer for camera $5K, software to control gimbal pointer for camera: $5K, software to interpret and store imagery acquired from gimbal camera $5K.
The only thing more expensive than blowing $5K on all these little chunks is hiring development staff to make the widgets in-house when you don't have a market to sell enough of the chunks yourself.
Україна досі не є частиною Росії Слава Україні🌻 https://www.pravda.com.ua/eng/news/2023/06/24/7408365/