Mod Devices Announces Insolvency & ‘Reboot’

Mod Devices – creators of an open hardware effects platform – has announced that it is currently insolvent and is planning a ‘reboot’.

They list losses of more than 1M€ from founders, another 1M€ from Investors, 287k€ from the Seedmatch crowd, and 177k€ from backers.

They attribute their problems to a combination of the global supply chain issues that have been affecting many manufacturers and a failed crowdsourcing campaign:

“Dear MOD community members

I am sad to announce that MOD Devices GmbH has reached the end of its line.

This is the result of a two-year crisis that started with the COVID impacts on our supply chain in Q2/2020, and the snowball effect of the cash flow disruption triggered by the failure of the Crowdcube campaign in Q4/2020.

During these last 24 months, the founders and shareholders have bridged the finances multiple times in failed attempts to get back on track. But the private cash from shareholders only is not sufficient and, with the worsening of the general economy and growing fear from financial institutions and investors, the remaining financing options have all retreated, forcing me to file the company for insolvency.

It is not the end of MOD though. Not yet.

Part of the founders, team and shareholders believe very much in the project and a reboot is being put in place, with the fundraising for a fresh company.”

Details on their financial issues, reboot plans and how this effects supporters that have not received their units are available at their forum.

4 thoughts on “Mod Devices Announces Insolvency & ‘Reboot’

  1. Well, ain’t that about a B. Since their entire platform is online, as far as making patches, I wonder what this means for owners of the device since they made no mention of it at all. If the site is shut down or left for dead, you can no longer create patches for the device or downlooad new ones.

    1. The editor is local (it’s browser based, but it’s hosted over either USB or BT from the device). The main 2 things that are affected are the store (for plugins) and the Pedalboard sharing platform. I was fortunate to have grabbed all of the free plugins that were available before everything shut down.

      1. It’s actually brilliant! I wish more hardware editors were browser based, because you don’t have to worry about constantly updating proprietary software, or if it will work with your OS, or if the company will stop updating the software.

  2. I thought insolvency and reboot were two new products.was hoping for a glimpse at knobcon to really get my $60 worth.

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