After another investor jumped ship at the last minute, the team from Desktop Factory is looking again for $1 million capital to continue development of its low cost 3D printer and to then bring it to market.
As CEO Cathy Lewis describes in the latest newsletter (“The Cash Crunch Continues”):
"So in the last week of April we felt like royalty — for at least a few minutes — as we had secured our C Round funding partners and were ready to get back to our passion, developing low cost 3D printing. Yes, along with Idealab, that pioneering incubator, we had a French firm and an Irish firm with US representation who had committed to finance Desktop Factory.
So to update you on our current situation, we have NOT been able to close our C Round of fundraising. We still have committed investors in the US with Idealab, and in Ireland and the US with SOSventures.
Our objective is to determine the best funding alternative for the company within the next 30 to 60 days. We will continue to guard our remaining cash carefully and delay customer beta activities until we know our financial path forward."
So to update you on our current situation, we have NOT been able to close our C Round of fundraising. We still have committed investors in the US with Idealab, and in Ireland and the US with SOSventures.
Our objective is to determine the best funding alternative for the company within the next 30 to 60 days. We will continue to guard our remaining cash carefully and delay customer beta activities until we know our financial path forward."
It will be exciting to see if a new investor can be found at the last minute. Unfortunately the newsletter doesn’t comment on the current project status.
(via Replicator)
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Originally posted in German by Jochen Krisch, adapted for excitingcommerce.com by Jason Soo.
"So in the last week of April we felt like royalty — for at least a few minutes — as we had secured our C Round funding partners and were ready to get back to our passion, developing low cost 3D printing. Yes, along with Idealab, that pioneering incubator, we had a French firm and an Irish firm with US representation who had committed to finance Desktop Factory.
Our objective is to determine the best funding alternative for the company within the next 30 to 60 days. We will continue to guard our remaining cash carefully and delay customer beta activities until we know our financial path forward."
Posted by: 3d printer | 06/25/2009 at 09:38 AM