Den Automation, the once-promising UK smart home startup that raised nearly $5.8 million via equity crowdfunding and boasted former Amstrad chief Bob Watkins as CEO, has agreed to go into liquidation, The Register reported Tuesday. From the report: Documents seen by this publication show Wilkin Chapman Business Solutions Limited has been appointed as liquidators, with Ian Michael Rose and Karen Tracey Potts the named practitioners. UK law prioritizes creditors according to a set order. Liquidators take precedence and shareholders get the leftover scraps. It’s therefore extremely unlikely that any of the 1,104 investors who backed the company on Seedrs will see much — or any — of a return on their investment. Den Automation was founded in 2014 by Yasser Khattak, a 17-year-old wunderkind from Maidstone, Kent, who came up with the idea for the business while studying for his A Levels. Khattak subsequently dropped out to focus on the business full time. The concept behind Den Automation was simple. It built “smart” light switches and wall sockets that were visually indistinguishable from their “dumb” equivalents and could be installed by a layman, rather than a trained electrician.
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Source:: Slashdot