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).

centaur.bmpThe 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.

blog comments powered by Disqus