Status Update [Late March]

[Tiffany]

Dear IVIers,

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%

Regarding the labor cost, the division is as below:

74% for R&D employee

8% for production-related employee

18% for operation-related employee

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 this 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 production work. And we will keep you updated on any news.

Currently, we are communicating with the beta testers to collect testing feedbacks and respond to any questions.

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.

Sincerely,

IVI Team

[lesdrury]

Thank you IVI team.
Good on you for pursuing the Dream.

If the backers can help in anyway I’m confident that many would put up their hand.
If you have any ideas please swing them by us.
And keep the communication flowing.
Thanks again

[BrettJP]

I think one of the biggest ways we can collectively help is by being as positive as we can in our comments. I notice in many projects whenever a flood of angry messages come in, especially waving around accusations and claims of a scam, that the regular flow of comments and communication almost halts, even from backers who frequently comment. Then for several weeks, almost everything seems to be ugly comments nobody enjoys.

I don’t mean to dissuade people who have opinions to voice from voicing them, but rather to encourage people who might have decided not to share their thoughts to continue to share them. When any potential customer or partner is doing their due diligence to research a business, just like I’m sure there are many people here who look at reviews before purchasing something online, the difference between mostly negative comments and at least a balance between negative and positive comments will go a long way.

[susantcontreras]

I like your thoughts, but I am not clear if the project is dead or not? It’s not clear if work is being done, but if they find an investor that could be bad news too, they may not want to be on the hook for 2500 printers, just so sad.

[mcenal]

That the delivery of 2500 units will be part of the deal, has to be by the rules of doing business. It is not an impossible feat to overcome, assuming their business plan is solid. The product already exists and is nearly ready for prime time is also a good thing assuming they get to the right vc deal within this fiscal year. The only risk is that competitors get too far ahead of them in this style of 3 in 1 printer. I have seen 3 in 1 before on Amazon but they are still not in enclosures nor do they have interchangeable heads in this price point. The premise of IVI is plug and play and I have owned a more basic 3d fdm printer and it was anything but.

[Gunfai]

The production cost is not so high. One way to get this project up running again is that we backers put in maybe 20% extra and get some sort of warrenty that the printer will be delivered. Much better than no printer.

[pvd2303]

Situation - sadness!
But let’s hope for the best.
Good luck to you!

[abrooksdavis]

IVI fancy responding to the numerous comments since that news bomb was dropped?

[bob]

Check the kickstarter.

Looks like there might even be some investment interest coming through connections of backers or some backer themselves. However that’s a huge maybe still.

[Tiffany]

Hi @bob , thank you for reminder, we already connected with the backers who are interested in the investment.

[jasongw]

You’d have to be insane to give them another dollar. They’ve already repeatedly failed to deliver on time, pushing back dates time and time again.

It’s time to deliver or just admit you lied to us.

The only bright side here is that I’ve learned a lesson: never back another kickstarter project again.

[bob]

Hi @Tiffany it was more a response to @abrooksdavis.
I saw your reply on the Kickstarter that you contacted them

As I was trying to tell him that you had giving some responses on the kickstarter page.

[Tiffany]

Got it, thank you Bob.

[Gunfai]

jasongw, kickstarter is not a store its a way to support projects.

[jasongw]

Yes, making it a bad idea to support anything other than art projects. If this were actually a decent project, it would’ve been funded and produced by a real business. It’s clear that the people working on IVI are not professionals. This entire affair is a dumpster fire.

[david.teuns]

Any news about investors? Or about your financial situation? Or about the project itself?

[khramil13]

Hello everyone, Question to IVI, what actions are you doing in the near future? Is your work ending at 22 units?

[astat8]

Yeah, an update would be great. What do you need to sent the other printers? How much money would it cost?

[sandesh]

@Tiffany please look in for potential investors from India there as many who would want to invest and even manufacture in India as a part deal its a growing manufacturing market.

[Tiffany]

Hi @khramil13 & @astat8 , we will give out an update this month to introduce our status and plan.