Busted Tech (An Advisor Tips Off the Press). Oops. Hello, a sleep monitor company with a product called Sense that raised $40mm in funding at a valuation of $300mm is shutting down after failing to consummate a "for parts" sale to Fitbit. Axios broke the story after noticing a moving truck outside of the company's headquarters and observing empty desks through the window from the street. Thats some serious private investigator type sh*t. Apparently the movers worked for Sherwood Partners - and said as much to the Axios folks. Oops. Like Lily Robotics Inc., this is a company that ran a highly successful Kickstarter campaign but wasn't able to parlay that into a sustainable business. Here, apparently, there isn't even any IP that is worth selling through a bankruptcy. Elsewhere in tech, we love when non-lawyers think that they have the solution for legal processes simply because they have experience using lawyers.
Last week we noted that people aren't spending on discretionary items because they're paying off debt, etc. Well, not all people. Apparently Kickstarter is going bananas over a stress-reducing, insomnia-curing, peer-review-study-lacking, hug-simulating $279 blanket that not a single person has touched or verified is even remotely feasible/manufacturable/deliverable. This has all of the makings of another Lily Robotics Inc. We hope we're wrong. Shall we take bets?