Updates From Neptune
May 18, 2018
Dear Neptune backers and supporters,
September 29, 2016 was the last time we published an update. Since then, we have failed to communicate information to you and for that, we are deeply sorry.
As supporters of the Neptune Suite, you deserve an explanation.
We are sincerely grateful for your support and trust as we would not have been able to get to where we were without you. With that being said, we would like to offer you an explanation in regards to where Neptune currently stands.
The purpose of this message is to be completely transparent, honest, and provide you with the information you deserve.
Neptune was founded in 2013 with the mission of producing a wearable device that would be completely different from anything that was on the market. Our first product was the Neptune Pine which raised $800,000 within 30 days on Kickstarter, in November 2013. It received a great deal of praise and was featured in blockbuster films such as Fast and Furious 8 and numerous online tech and news articles.
From June to September 2014, we were able to successfully deliver the Pine to all 2,839 backers and launched globally in retail outlets such as Best Buy and Amazon.
Neptune had its very first successful product.
In late 2014, we started working on the concept of the Neptune Suite, a centralized Hub located on your wrist that would work in conjunction with a set of displays to revolutionize the world of smart and mobile computing.
Due to the scale and market uncertainty of this project, investors were dubious of the Suite’s potential and reluctant to back the idea. Thus, a crowdfunding campaign was launched on Indiegogo to prove that there was market fit and that the project was viable.
The campaign went on to raise a staggering $1.2 million over a month, attracting widespread media attention and gathering early adopters. With this information in hand, we set out to secure additional funding. Much to our dismay, investors were still uncertain about the Suite, raising concerns such as the fact that we didn’t have a production-ready prototype and that VCs that had previously invested in hardware companies like Pebble and Jawbone lost considerable amounts of capital on those investments.
Over a period of 2 years, we met with nearly 300 potential investors from North America, Europe, and Asia; with nearly all of them turning us down.
It wasn’t until late 2017 that we secured what we needed in order to push the project forward. We are extremely happy to announce that we have successfully closed a $6 million seed round and that we are anticipating to close a $10 million Series A in the coming months.
As we all know, technology has been advancing at an impressive pace. Rest assured that those that have backed and reserved a Neptune product will receive it with modernized hardware and software.
We aim to ship the reimagined Neptune Suite by Q2 of 2019. We have done our due diligence to set a realistic and achievable shipping period.
Your patience and support is not something we’ve taken for granted. We understand your frustration regarding the delays and lack of updates. We will be sharing updates more frequently with you throughout the Suite’s development.
We are immensely thankful for your trust and we are committed to delivering a revolutionary product.
Simon Tian, Founder of Neptune
Timeline of events from 2013 until now