Segway gets $10M more — to shun white elephant status
Segway, the maker of the high-tech scooter-like self-balancing vehicles, has raised $10.12 million of a planned $20 million third round of capital, according to a regulatory filing cited by PEhub.
When it launched, the Segway was hyped as the next new thing. But it failed to meet expectations. The company has had a topsy-turvy ride — getting banned in various public places, and recalled for technical problems. On the other hand, just enough people are buying the Segway (more than 23,000, as of Sept.) to keep the interest of investors.
It has already swallowed $126 million. Backers in the latest round apparently include Kleiner Perkins, CSFB Private Equity and buyout firm Duff, Ackerman & Goodrich, however we’ve reported on enough of these vague regulatory filings to know they are often misleading (we’ll update, if necessary).
The Bedford, N.H.-based company founded by inventor Dean Kamen has sophisticated gyroscopic technology, and slick design. Hopes are that its future models, including the four-wheel centaur (pictured here), will do better.
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About the Author, Matt Marshall
Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.
