So not sure why this hasn’t been posted here yet but this is the
Update that was posted on Kickstarter several days ago…
This update was delayed because we were waiting for the investment outcome to share with you. And we are sorry that the deal hasn’t finalized yet. We are still negotiating the terms and conditions of the investment with the investor. We will mainly introduce financial status with you in this update.
Ⅰ. Financial status
Originally we were planning to introduce financial status with you when the investment confirmed. But the investment is not going as fast as we thought.
We always received inspiring and supportive comments from you which inspired us greatly. Many backers said that they are satisfied with our transparency in communication.
We keep trying our best to demonstrate the status & the progress of the project and keep up communication. But there is still one thing that we didn’t make 100% transparent. That is the financial situation.
The funds almost ran out after trial production. We were afraid that if we announce that the funds were running out, this project will be over. So we wanted to share the status with you after the investment finished.
No matter what, we won’t give up on this project. We really want to bring IVI to life after over 3 year’s self-development and 1 year’s teamwork. Since October last year, we’ve been searching for investment actively.
So far, the investment is still under negotiation and progressing slowly. We need to be patient wait for the final outcome. We will share it with you as soon as possible.
Ⅱ. Fund flow
IVI was started with 3 passionate founders. The fund flow is open and clear since the first day. After almost 2 year’s operation, we reviewed our cost. The major cost is labor cost and production cost. The proportion is as below:
Labor cost: 60%
Production cost: 16%
Administrative cost: 11%
R&D cost: 7%
Other costs: 6%
Ⅲ. The status of the first shipment
There are already some backers who received the IVI 3D printer, and other printers are on the way. They should be all delivered by next week. We will keep the connection with the beta adopters to respond to questions/suggestions.
Ⅳ. The next work plan
First thing is to get the investment done. If it doesn’t go well in the end, we will still try other methods to get funds and continue the project.
With the funds, we can continue our work. And we will keep you updated on any news.
This update doesn’t mean we failed in investment, but we do face great risks before signing the investment contract and receiving the investment. We are still working on the investment, and we hope to finish it successfully.
We are deeply sorry for bring you risks on this project due to our incapability. This dream is so big to carry. Thank you all for the continuous support along the way. We will keep fighting for our dream and for your trust.
Update #76: Status Update [Late March] IVI: The Closed-Loop 3D Printer by IVI 3D » Status Update [Late March] — Kickstarter