Juicero has announced its interest in finding a buyer for the company as it is shutting down operations. The company raised a whopping $120m in VC funding to develop the WIFI-connecting juice squeezing device which was initially sold for $700 but later trimmed down to $400 early this year.
The CEO Jeff Dunn stated that during the manufacturing process, it was evident that the perfectly designed and custom-made product is too expensive for their target market and creating an effective, productive and scalable channel will require more structure than what the company can achieve hence the search for a buyer to carry their mission forward.
The device was widely ridiculed when it was discovered that customers could easily squeeze Juicero’s juice packs with their hands and would extract almost exactly as much juice as it would if squeezed with the device.
New Drone With New Features
Another promising product Lily whose branding rights was purchased for $300,000 by Mota earlier this year has been relaunched. Though this drone is said to be a successor of the original Lily, a waterproof device with a camera onboard designed to be launched into the air and could follow the users around for up to 20 minutes through a wrist controller, it is said to be a limiting version of it’s expectations. The new drone has expected features like 4k Video, Follow-me functions and foldable design yet it still falls short as key features like it’s wrist controller, waterproof, and it’s signature launch by tossing it in the air is missing.
The company before selling branding rights to Mota had encountered finance problems which inhibited their ability to complete the manufacturing of their first line of products as well as its shipping hence resulting in having to refund $34m in pre-orders for the product.