Inboard Technology, an electric skateboard startup from Santa Cruz, California, is working with a liquidation firm to sell off its intellectual property and assets, The Verge has learned. All 24 employees, most of whom were located at the company’s headquarters in Santa Cruz, California, have been laid off.

Founder (and now-former CEO) Ryan Evans told The Verge his team had locked down “a very large order” from “one of the largest European scooter operators,” which explains why the company quickly pivoted away from trying to sell its first e-scooter directly to consumers earlier this year. But Evans said the development timeline for Inboard’s e-scooter “outstretched” its financial runway, which most recently involved an $8 million investment in 2017.

Inboard’s website has been taken down, and customer service channels have reportedly gone dark, too.

The Inboard e-scooter that caused all problems for iInboard.

Founded in 2015, Inboard initially raised more than $400,000 on Kickstarter to develop its first (and only) electric skateboard, the M1. The startup differentiated the skateboard from others in a few ways: it used in-wheel motors and was powered by an easily swappable battery, making it a popular alternative to Boosted’s belt-driven system.

Read the entire article at The Verge

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