Funding and Manufacturing Progress!
We’ve been super busy out fundraising, speaking to investors and getting a new factory lined up since our last update and we have some great news to share.
We’ve closed several angel investors in the past few weeks who have provided seed funding. These funds will help us resume development and pay for the manufacturing, tooling, testing and expenses, but we are continuing to work towards hitting our funding target to cover all costs.
The priority of these initial seed funds will be used by us as follows:
- Software development and testing for Version 1.0
- Completion of the tooling
- FCC certification testing
Over the next weeks and months, we will continue to meet with investors to ensure we can finance our production ramp and continue to develop the software after launch to enable more features and services for photo sharing.
One of our investors is also bringing their software team on board to augment our efforts and help accelerate the completion of the software, testing and UI improvements.
The key members of their team have incredible depth and experience from companies such as Netflix, Nest and Apple, and will help make the Instacube software and UI an amazing experience.
We’ve identified our new manufacturing partner and are about to kick-off with their team in Shenzhen this week. They are a top-tier manufacturer that is building similar products in the tablet market in the hundreds of thousands of units so we have a lot of confidence in their capabilities.
We’re excited to partner with them and to leverage their supply chain and experience to help us get to market and continue to develop the next-gen hardware.
We’re still pushing hard for an October shipment, but can’t confirm an exact date until we discuss the detailed schedule with the new factory this week and get their confirmed commitment on the key milestones.
We will continue to communicate with you and bring you more updates.
- The Instacube Team