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Funding for startups

Jedai Close to $10M

An angry official at Jedai Broadband Networks Inc. has inadvertantly confirmed that the startup is close to landing new funding of roughly $10 million.

The news stems from an exchange of email and a phone call, in which the Jedai official asked Light Reading to strip the message boards of content relating to the funding, because it is "accurate and proprietary."

One particular message of concern contained speculation that Jedai's close to landing $10 million in new financing and that it would be angling to reduce its burn rate to under $500,000 per month: Re: Jedai Countdown!

"It's almost exactly right!" exclaimed the Jedai official, whose name is being withheld to protect his/her job.

— R. Scott Raynovich, US Editor, Light Reading
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screendroppings 12/5/2012 | 2:13:02 AM
re: Jedai Close to $10M The clock is ticking. Jedai is soon to be another failure in MP's resume. The ten million is almost gone. They desperately seek saps to buy them out. No product. No customers. No chance of surviving.

Total $55 million spent and gone. MP is looking for a new job. No money left. No way out.

Bye bye Jedai.
countrymusicman 12/5/2012 | 2:12:31 AM
re: Jedai Close to $10M Money most gone and jedai will be gone soon too. Mike cant find another company that he will get money and so he goes back to home.

Tick tok tick tok
ODH 12/5/2012 | 2:12:29 AM
re: Jedai Close to $10M What's the burn rate at Jedai nowdays?

screendroppings 12/5/2012 | 2:12:27 AM
re: Jedai Close to $10M I cant be sure on burn rate but I was told $400000 a month. We had to give back half the office space and pay factory money we owe. We let managment go and killed other projects. But $400000 a month is that I was told.
Infinite_Wingnut 12/5/2012 | 2:12:25 AM
re: Jedai Close to $10M I had heard that it was more like $450K/mn, but with the reduced office space and other cutbacks, MG may have gotten it as low as $400K/mn.

Jedai needed significant sales to maintain a fund-free runway. I've been told that sales are very poor and that the runway is purely dependent on remaining money.

Last time they almost ran out, they extended their runway by holding payments to the factory, the landlord and other creditors. Given this history, I don't think they can do that again.

Jedai still hasn't signed up for this year's SCTE. This is the same pattern as last year. It means that they don't know yet if they'll be alive by that time (June). My guess is that MG will reduce the headcount one month before money runs out in an effort to keep the company salient "just in case" someone wants to buy them. But the chances of that are pretty small.

Too bad. It used to be a pretty good company.

IW
screendroppings 12/5/2012 | 2:11:40 AM
re: Jedai Close to $10M Used to be a good company? When? What did jedai ever make that worked? Did they ever sell more than three boxes to anyone? Mike only kept it alive to keep his job. That won't last.

Jedai is on life support.
screendroppings 12/5/2012 | 2:09:50 AM
re: Jedai Close to $10M Jedai going to third round funds? I dont think so. Who would give us money? In less three months, we will run out. No rabbit out of hats this time. Mike is looking for a job, no doubt, and no luck.

I hear the ticking.
hott_shots 12/5/2012 | 2:08:49 AM
re: Jedai Close to $10M Oh wow like this is so the surprise! Ha! I am amazed that Jedai lasted this long. Ha! All that money down the tubes?

45 plus 10 million dollars gone. And what to show?

Hey Mikey? Wanta see me pull a rabbit out of my hat? You aint no bullwinkle!

Hott Shots
HW rules, SW drools!
hott_shots 12/5/2012 | 2:07:31 AM
re: Jedai Close to $10M Hee hee!! I heard this week Jedai got a pile of money!!

Hee hee!! Then I realized it was April Fools Day. Oh yeah, it was a joke all right. No money.

No money. Poor poor Jedai.

Hott Shots
HW rules, SW drools!
screendroppings 12/5/2012 | 2:06:40 AM
re: Jedai Close to $10M Still amazes me they got $10million. They wasted it all in a year and now want more? Go get real! No one will give Jedai more money. Hey might as well throw it down a toilet.

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