SpinVox it is close to securing a new round of funding, after burning through the $100 million it raised in March 2008. The CEO of the voice-to-text firm, which is also facing public-relations challenges, told staff in a memo last week: “We
SpinVox Says It Is Close To Finalising New Funding
Summary:
SpinVox it is close to securing a new round of funding, after burning through the $100 million it raised in March 2008. The CEO of the voice…
Don't want to quote PT Barnum…but…???
If this is true…and there are soooo many shades of truth…then let's hope it is used to make those who have been wronged by Spinvox…whole. I also hope the funds turn CD and DD into closely watched puppets…i.e. many, many strings attached.
Jack, I sure hope everybody gets paid! And that "expenses" get re-imbursed. I sure hope they don't take the money and run.
Connor
Who went to the US, and did they definitely go to the US? Who would possibly give them more funding? Are they coming back?
Damn!! we were kind of all hoping it was a buyout by a certain large US company. It sounds like it might be less than that!!
Bugger, they'll just piss any money they get like they did the rest. $10m a month easy they spend on crap, and the same old tired mgt team will be staying
It is pretty unbelievable that anybody would give this outfit any funds. It really is! Guess they don't read the newspapers and don't research the companies they are investing in. But let's just hope all the SpinVoxers get paid what is owed them. And employees should be really watching to make sure this money is spent wisely.
There is a quote that over 70% of the employees took the stock offering instead of pay. Could that possible be true, or is that just more Spin?
pre-announcing funding? Interesting strategy. Not something you normally do unless you need to.
Any news about new management coming with the new funds?
I don't suppose that the new funds will involve changing the name to TriTekNix, a strategy Domecq and Doulton tried once before, and why not reuse the <b>Daniel Doulton 3 year plan for TriTecNix</b> http://www.doulton.org/files/CV_DDoulton_EN
Here is what happened to that plan. The three year plan had a few weeks of success: the Domeqc/Doulton company "operated under the New Horizons name until May, then for a few weeks longer under the name TriTekNix Inc."
http://www.allbusiness.com/government/government-bodies-offices-law-courts-tribunals/10602370-1.html
Anyone who actually puts more money into this company has to be completely retarded. Unless this is nothing more than a money laundering scheme.
SpinVox is purely about Brand.
Why should we even know it exists, really? If they had focused on selling to carriers, investing in their technology and doing things well – they'd be rich and we'd never have heard of them.
The amount of money they have pumped into PR both for the company and for the CEO easily exceeds that they have pumped into their product.
If this latest round is true, which I very much doubt, then its another victory for Show vs Substance.
However if it is true, it could be a good thing, it could mean CD and DD become minority shareholders, and the new board can fire the senior management team and get the company back on track.
Stop spending millions on PR and parties, stop paying individuals salaries of more than a quarter of the companies revenue and actually make their all ready good system better.
But I can't see that happening, and more investors will end up getting fleeced.
honestly moconews….there is so much substance in the industry and you waste our time with this for the third straight day. who cares about spinvox. they do not impact the industry in any significant way. lets move on!
Hey 'Who',
Or should I call you BW, or one of the other PR drones?
Considering that is exactly what CD and the other SMT members want I hope moco completely ignores you.
There are thankfully not to many $200m corporate fraud stories in the industry, so this is worthy news.
http://www.bbc.co.uk/blogs/technology/2009/07/spinvox_we_stand_by_our_story.html
Check this out too…
http://www.dailymail.co.uk/money/article-1202185/Pay-cut-SpinVox-phone-text-tycoons-told.html
A comprehensive set of links to all articles and conversations around this breaking story can be found here…
http://delicious.com/spinvox