More than 10 bids were submitted to the voluntary administrators of failed startup StrongRoom AI, hoping to snap up the value left in the business, despite it being mired in legal action over allegedly faked revenue figures and a VC investor wanting its $10 million back. Final offers for what remains of StrongRoom are due… Read more »
The CEO and cofounder of StrongRoom AI allegedly conceded to EVP investor Misha Saul that the company’s revenue and debt figures were “wilful fraud”. Details of an extraordinary conversation and confession by CEO Max Mito were outlined in submissions in Federal Court legal action by the Sydney VC, after it successfully applied to freeze the… Read more »
Creditors of Strong Room AI will get a chance to stare at the financial entrails of the drugs managements startup next week, when administrators for the business hold its first creditor’s meeting on April 8. A battle for whatever funds remain in the Melbourne startup, just weeks after it raised $17 million, will unfold in… Read more »
A UK investor with close ties to one of the defendants in legal action against besieged medtech startup StrongRoom AI has come out swinging against Sydney VC EVP, which is fighting to get its $10.4 million investment back. Aaron Michelin, a director of Tyson & Blake – named after founder Chris Tornblom’s dogs – has… Read more »
EVP has lodged legal action in the Federal Court of Australia in a bid to recoup the $10.44 million it invested in Melbourne startup StrongRoom AI. The Sydney venture capital firm headed to court in Brisbane on Monday afternoon to seek an urgent order freezing assets worth up to $10,440,969 million against 13 defendants, including… Read more »
Financiers for Melbourne startup Strongroom AI have forced the company into administration, amid concerns about the company’s accounts. The move comes after the lead investor, EVP called in police on Monday after asking for its money back following a $17 million raise in early March. The request was declined by StrongRoom. On Friday morning, new… Read more »
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