Aodyo Says Production Of Loom & Omega Synths In Limbo, Bankruptcy Coming If They Can’t Raise Additional Funds
Aodyo has shared an update on their Kickstarter crowdfunding project to fund production of the Anyma Omega polyphonic physical modelling synthesizer to say that the project is at risk of failing, because costs have been much higher than they anticipated, and further more, the company is at risk of bankruptcy.
228 backers pledged €218,498 to help fund production of the new synth.
Their update summarizes the company’s current status:
Current Situation
Over the past months, we’ve encountered significant difficulties with both the Loom and Omega projects, which have severely impacted our financial situation.
Loom: The production costs and delays we encountered have turned out to be much higher than we initially anticipated. Due to extended lead times for the electronic components from our manufacturer, we have been unable to launch production.
Omega: The system’s complexity has far exceeded what we originally planned. The powerful nature of this synthesizer required multithreading due to the characteristics of the processors available on the market. We also faced setbacks from architectural changes necessitated by component shortages. These combined factors have led to much longer delays than expected.
We had hoped to raise additional funds by leveraging the campaign’s momentum, but unfortunately, this effort has not been successful. As a result, we are now in a difficult financial position and have been unable to secure the working capital necessary to move forward.
What’s Next
Our sales of remaining stock should allow us to continue our operations. During this time, we will continue doing everything we can to secure an investor and unblock the situation. If we can manage to start the first batch of Loom, this would allow us to deliver to stores right after fulfilling your pledges, stabilizing our situation and enabling us to finish the Omega development.
However, if we do not succeed in securing new investments or partnerships in the coming weeks, we will be left with no other choice but to file for bankruptcy.”
Risk is always a factor with projects to fund production of new musical gear. We tries to always note this as part of our coverage of crowdfunding projects, including this project. Complete failures on music gear projects have been fairly rare, but as this one proves, it’s a real risk. Backers of this project should see the project site for Aodyo’s full update.
