Anki is Shutting Down

Anki, the robotics company behind the Vector, Cozmo, and Overdrive Supercar robots, is shutting down, reports Recode.

In a teary all-hands meeting on Monday morning, CEO Boris Sofman told his staff they would be terminated on Wednesday and that close to 200 employees would be paid a week of severance, according to people familiar with the matter. Sofman had told employees a few days earlier that the company was scrambling to find more money after a new round of financing fell through at the last minute, imperiling the company’s future.

Anki neared $100 million in revenue in 2017 and was expected to surpass that amount in 2018. The company had already received $200 million in funding but needed additional backing to stay operational. After a large financial deal fell through, the company says it was left “without significant funding to support a hardware and software business and bridge to our long-term product roadmap.”

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