Electric, fully autonomous commercial lawn mower. Backed by the same people who backed Miso Robotics. No revenue but has commitments of purchase from landscaping companies and eventually wants to expand to be a landcare platform. Analysis requested by a reader (yes, I take requests at email@example.com!)
Shoutout to A.S. for the tip!
Pass. But it has a place in other investors portfolios.
- Too Big for my Investment Thesis: Raising $10MM on a $23MM valuation, my money buys too little for meaningful percentage of the company.
- Too Hardware for my Investment Thesis: Robotics and such is really cool, but it’s not a space that I have much additional experience than others in.
- No Revenue, No Product in the Market: The company has a well defined product and vision, but it stands that the company has no product and historical revenue numbers. As a category, I don’t touch it.
Big caveat: I really like what the company is doing and think it definitely belongs in any robotics investor/hardware investors portfolio. It feels a little earlier stage than Miso Robotics, but I see the path. Even if it’s not a fit for me, doesn’t mean it’s not a fit for you. This is the idea of investor/company fit.
The 6 Calacanis Characteristics (91 161 18)
|1. A startup that is based in SV||Fail: Los Angeles, CA|
|2. Has at least 2 founders||False (1)|
|3. Has product in the market||Fail: no product in the market.|
|4. 6 months of continuous user growth or 6 months of revenue.||Fail: no revenue.|
|5. Notable investors?||Pass: Wavemakers Lab, the same people who did Miso Robotics.|
|6. Post-funding, will have 18 months of runway||Pass: 2018 yearly burn was 267k so 22.25k/mth, they raised $1,495k so 67 months.|
The 7 Thiel Questions (ETMPDDS)
- The Engineering question:
- Good: Automated lawn mowers is definitely better than manual lawn mowers. Miso had
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