Panono no more: 360-degree camera maker sold after 'amazing but also exhausting journey'
It's official: Panono, maker of an innovative 360-degree camera, is to be sold after only managing to deliver around 400 cameras to its backers. The company filed for bankrupcy in May, but in a letter to backers, co-founder Jonas Pfeil has confirmed that the sale of Panono's assets is expected to be finalized very soon.
As he explains, 'assets' in this context means 'inventory, software, the rights to the hardware, almost all employee contracts, IP rights etc., [...] but not the obligations towards external parties'. External parties like the Indiegogo backers that funded the Panono camera. In other words: if you backed Panono and you didn't get your camera yet, you're officially out of luck.
Thanking backers for their support and understanding, Pfeil called the experience 'an amazing but also exhausting journey'. He stressed that, as shareholders, 'the [outgoing] founders will [...] not profit from this sale, as the money will be used by the insolvency administrator to pay outstanding invoices and other debt first.'
Meanwhile, there's some good news for the 400 or so backers that did get their cameras - after some initial uncertainty, it seems that the cloud service supporting the device will continue to be maintained.
We really liked the Panono when we tested it last year, and we're sorry to see it go. Were you one of the backers? Did you receive a camera? We'd like to hear from you.
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