Dear Friends and Backers,
It took much longer than expected, but we can finally disclose more details about "the announcement" that we mentioned back in mid November. The really great news is that Ericsson (the Swedish telecommunication giant) and Carmel Ventures (a large Israeli VC firm) have made a significant investment in Adapteva, ensuring that we can finally deliver all the Parallella boards. The funding came in on December 19th, 2013. You can read more details about the funding announcement HERE.
The hard truth is that we made some fatal mistakes at the outset of the Parallella Kickstarter campaign and we have spent a year living through a nightmare as a result. To put things in perspective, by the time we ship you the Parallella boards, the total money spent by Adapteva on the Parallella project will be 2X the money brought in through the Kickstarter campaign. The Parallella project funding goal of $750K was somewhat optimistic from the outset, but we were confident in our ability to bring in additional funding and revenue to make up the difference if needed. We were right about our ability to raise funds, but we completely underestimated the challenges we would face along the way. We started aggressively fund raising in January 2013 and although there were many points at which funding seemed imminent, the latest funding round only closed in December 2013.
Now that our financial challenges are behind us we will put all of our energy into shipping out the Parallellas as soon as we possibly can. We will post a second status update later today about material acquisition status, Parallella board builds and shipments.
We will never forget the incredible support and patience that you have showed us through this year and we will do everything we can to pay it forward!