On 13 AUG, EdisonReport confirmed that Envirobrite had closed their doors. In that article we reported that there were two other companies that were on the brink. On 21 AUG, EdisonReport confirmed that Noribachi was one of those companies.
While we are not ready to announce the second company, we are learning more. We are told that the company’s cash flow has dried up as they quickly shift their model from a product-based company to an IoT-focused company. Several key EdisonReport sources have told us that their cash flow issues have harmed their ability to purchase components and finished products and they are no longer able to quote accurate lead times because of the cash crunch. Further, we have learned that the VC community is unwilling to continue investing as the likelihood of break-even continues to wane.
Another source says the company is composing a letter to customers explaining their new strategy.
Developing…