Vinaya Bankruptcy Closes Rocky Year For Wearables

Vinaya Bankruptcy Closes Rocky Year For Wearables

A little more than a year after Vinaya raised $3 million in seed funding from backers including Playfair Capital, the London-based manufacturer of smart jewelry and other wearables has entered the bankruptcy administration process, according to a Business Insider report. Regulatory filings indicate the company will become two separate entities, Vinaya and Vinaya Technologies. It remains to be seen whether the company’s new Zenta device, a biometric bracelet designed to track both fitness and emotions, will ship in January as previously scheduled.


Vinaya’s bankruptcy concludes a troubling year for wearables makers. The company relied on crowdfunding for its yet-to-be-shipped bracelet—a strategy reminiscent of Pebble, the smartwatch builder that launched a record-setting Kickstarter campaign in 2012. Pebble experienced its own demise earlier this month with a sale to Fitbit (NYSE: FIT) for somewhere between $34 million and $40 million—a paltry number compared to the $740 million takeover offer the company is believed to have turned down in 2015.

SALT New York 2021: Wences Casares And Peter Briger On The Macro Case For Bitcoin

BitcoinAt this year's SALT New York conference, Wences Casares, the chairman of XAPO, and Peter Briger, the principal and co-chief executive officer of Fortress Investment Group discussed the macro case for Bitcoin. Q2 2021 hedge fund letters, conferences and more XAPO describes itself as the first digital bank of its kind, which offers the "convenience" Read More

And Fitbit, perhaps the most established player in the space, didn’t have a stellar year either. The company’s stock closed Thursday at $7.39 per share, a drop of nearly 75% compared to the same time last year.

Read our analyst note on the wearables industry

Article by PitchBook

Updated on

No posts to display