Stoern raise €14 million

[Geckko]

For those who know about this story.

Steorn have reportedly raised €14million from private investors ahead of the "expert evaluation" of their "technology".

Beats working for it I suppose, but this does help to clarify some of the lingering questions about why these people are doing this. Other curious pointers to their intentions:


They are employing "independent evaluators" at minimal cost to themselves
They are not undertaking any expensive development costs (they plan on licencing the "technology" for other to work out how to put it in a mobile phone, say (true, they said that :rolleyes:)
ditto product development
ditto manufacturing


This should leave a nice big hefty slice ofthe €14 million capital invested to be spent on more important things like directors salaries, benfits, bonuses etc etc.

I don't have a link, but it was an article in the Sunday Times today (Irish edition).

[Porterboy]

I tried to join their forum, but it was closed to new members. I still left my email address for them to contact me when they had the results, but they've yet to do so.

[Mojo]

Steorn have reportedly raised €14million from private investors ahead of the "expert evaluation" of their "technology".Hmm.

Their website (http://www.steorn.com/about/investor/) still says: Due to the contentious nature of our technology claim the company made a decision that during the process of validation we would seek no further funding.

[Geckko]

Hmm.

Their website (http://www.steorn.com/about/investor/) still says:

They say that in the article as well. Reread their statement more literally:

Due to the contentious nature of our technology claim the company made a decision that during the process of validation we would seek no further funding.

Obviously they completed their funding round between the time they made the announcement in the Economist and the announcement that the "validation process" had begun. That was a good number of months of intense media coverage. Also note that this does still leave them, in theory, open to investors who they do not "seek" but instead knock on their door.

Is their anyone here willing to test them on this by posing as a wealthy individual looking for offbeat investment opportunities?

[tkingdoll]

They obviously didn't spend any of the 14million on a brand consultant because 'Orbo' is the single worst product name in history.

[Foolmewunz]

Mods - there's a long-running (>six months) thread on Steorn in LCI. Could this be merged?

http://forums.randi.org/showthread.php?p=2527591#post2527591

[Geckko]

They obviously didn't spend any of the 14million on a brand consultant because 'Orbo' is the single worst product name in history.

Sounds like one of the anthropomorphic characters you find on childrens' TV programs:

"and here's Orbo to help us learn about fleecing creduloids for loads of dough"

[Mashuna]

They obviously didn't spend any of the 14million on a brand consultant because 'Orbo' is the single worst product name in history.

Spoken like a true Wii owner :p .