Ukrainian startup Ecoisme winds down

Ecoisme, engaged in the development of energy saving monitor for homes, announced that it is winding down. AIN.UA learned the news from its co-founder Ivan Pasichnyk.

“Partnership with a large European telecom company, winning various prestigious startup competitions incited us, and users who believed in us and pre-ordered our product steered us forward. But now we have come to a realization that we’ve tried to do everything we could to build the company, launch large-scale production and deliver our products to customers. But we failed,” the co-founder writes.

At first, we received investments for an enterprise-level solution, but the management realized that the development would take too long and the project would run out of money. We reset the startup and focused on end customers and the problem of energy saving. But we couldn’t commence mass production of that one either.

“Following our failed attempt to raise funds in Dubai we decided to launch equity crowdfunding in London based on Syndycate Room. But we failed there as well. It was extremely difficult to convince investors to invest in a company that had almost no sales in the past two years,” Pasichnyk says.

Since February of this year, the management has repeatedly tried to sell the company, which would allow the return of money to buyers and partially cover the investments of investors. But the sale did not take place.

Currently, the company is taking the following steps:

  • In the coming weeks, the company is going to get itself a liquidation manager.
  • The latter will assess all the material and intellectual property of the company and will handle the repayment of money to creditors.
  • The company also negotiated a 50% discount on Sense energy monitors for its customers from America and Canada.