Dear Fans and Supporters,
Having a fully functional laundry folder this past year was no longer purely a dream. The prototype exceeded our original expectations in both performance and early field test results.
That’s why we have decided that instead of attending CES 2020, as we normally do, we will focus our efforts on further field tests (to validate the newly upgraded robotic algorithms). The results of these tests, together with the potential partnerships we’ve been working on lately (stay tuned 😉), should lead to more favorable terms as we approach potential investors to fund the costly manufacturing stage.
Like any startup, funding is a crucial resource needed for the survival and progress of the business. A few months ago, we were fortunate enough to successfully close a $638K bridge round, thanks to fans and supporters who believed in our vision and mission.
(Thanks again to you all 🙏, it means a lot and we don’t take it for granted!)
Despite best efforts and hard work, things don’t always go according to plan, especially when it comes to startups and new technology. The robotic folding solution we’ve developed shows great promise and positive market feedback, but the fundraising process and business development require a lot more time than planned.
This Christmas, FoldiMate will not be joining you (yet), but with a little more patience and a lot of conviction and persistence, FoldiMate will soon become an integral part of our daily life (at home and in businesses). We’ll keep you posted as we make progress.
Have a Merry Christmas,