They are valuing themselves at $14M and are only expecting $10M in sales in the first year, their valuation seems really high to me...
Would you believe six million?
Topic: [HAVELOCK] Provenance ASIC SHA-256&SCRYPT Offering Monday June 9th - page 2. (Read 9213 times)
June 06, 2014, 03:33:07 PM
Would you believe six million?
June 06, 2014, 03:22:52 PM
They are valuing themselves at $14M and are only expecting $10M in sales in the first year, their valuation seems really high to me, especially since they estimate another 6 months before receiving their first chip. Perhaps if this chip was to come out a little sooner that value could be warrented, but then they would also have way over 10M in sales at that power to GH ratio.
In all, too highly valued by not offering enough equity.
EDIT: Looks like I was beaten to the punch in pointing that out.
In all, too highly valued by not offering enough equity.
EDIT: Looks like I was beaten to the punch in pointing that out.
June 06, 2014, 03:19:43 PM
Your math appears accurate enough, tsm13.
The prospectus was a little light on details for my tastes however my main beef is that I don't see $14m worth of value yet. Another company that wants me to pay, today, what they would be worth after using my money to become successful. Does nobody watch Shark Tank or Dragon's Den?
I'd respectfully disagree with Anotheranonlol that failure does not automatically equal scam though I'd be hard-pressed to prove that using only the Bitcoin Community as examples.
The prospectus was a little light on details for my tastes however my main beef is that I don't see $14m worth of value yet. Another company that wants me to pay, today, what they would be worth after using my money to become successful. Does nobody watch Shark Tank or Dragon's Den?
I'd respectfully disagree with Anotheranonlol that failure does not automatically equal scam though I'd be hard-pressed to prove that using only the Bitcoin Community as examples.
June 06, 2014, 02:50:35 PM
10 million shares, assuming no increase in ipo share price that would value the company at 22k BTC or $14.3m(650$/coin)
Based on Year One
28nm Profits $10m
or per share ($1)
40nm Profits $4m
or per share($0.40)
Please correct me if my maths is wrong, rounding was used.
Edit: Looking over the prospectus some more, if they ipo out and get $14m this covers 100% of their expenses, so to me this looks like an interest free loan rather an investment, imho. Can the team not put any capital to the project?
Based on Year One
28nm Profits $10m
or per share ($1)
40nm Profits $4m
or per share($0.40)
Please correct me if my maths is wrong, rounding was used.
Edit: Looking over the prospectus some more, if they ipo out and get $14m this covers 100% of their expenses, so to me this looks like an interest free loan rather an investment, imho. Can the team not put any capital to the project?
June 06, 2014, 02:49:52 PM
Where's the prospectus to this? It's not on the HL site that I can see, or on their barely put together website with no contact information.
Not sure what kind of research is going into vetting companies but this looks like someone started this about a month ago.
Not sure what kind of research is going into vetting companies but this looks like someone started this about a month ago.
briefly:
they want to raise quarter of a million $ + in exchange for 2% equity
so far they have FPGA simulation.
if they raise full amount of funds, they go to 28nm, else 40nm
they'll pay dividends until original investment is recouped, then that's your lot?
team seems competent enough, though I'd personally be a little concerned with founder writing this
So BFL isn't a scam after all?
People are pretty quick to call SCAM on here. They could have handled a lot of this better, but I still believe they'll ship Something. It's a bit perverse that missing your specs and timeline by a moderate margin is considered failure and scam, but sites like kickstarter and indiegogo completely miss entire product lines with no recourse for refund, yet they're treated as legit business ventures.Angry customers does not equal scam. BFL screwed up pretty bad, but it appears they're still building something.
sorry but if/when prov fail to deliver or their specs they will deservedly be considered failure and scam also like bfl.
only my opinion here but risk reward ratio not seem to make sense
June 06, 2014, 02:35:50 PM
Where's the prospectus to this? It's not on the HL site that I can see, or on their barely put together website with no contact information.
Not sure what kind of research is going into vetting companies but this looks like someone started this about a month ago.
Not sure what kind of research is going into vetting companies but this looks like someone started this about a month ago.
https://www.havelockinvestments.com/reportdownload.php?id=99
June 06, 2014, 02:25:55 PM
Where's the prospectus to this? It's not on the HL site that I can see, or on their barely put together website with no contact information.
Not sure what kind of research is going into vetting companies but this looks like someone started this about a month ago.
Not sure what kind of research is going into vetting companies but this looks like someone started this about a month ago.
June 06, 2014, 02:21:55 PM
Kill it before it lays eggs.
June 06, 2014, 02:11:13 PM
Havelock Investments is pleased to announce the upcoming offering of Provenance ASIC:
Provenance ASIC “PROV” is an ASIC design and fabrication company engaged in end stage engineering and fabrication to produce their Bitcoin ASIC and Scrypt ASIC concomitantly.
Our 28nm ASIC design architecture dubbed the “Creator” to be used at the foundry level allows for simultaneous production of the 1TH “Creator 1” Bitcoin ASIC, 256GH “Creator 2” Bitcoin ASIC and the 4MH “Creator 3” SCRYPT ASIC from the same wafer batch. This unique ability, and the lower costs associated with the FDSOI process, lends Provenance ASIC a competitive advantage with regards to $/GH/W and unparalleled ASIC diversification with essentially three different ASIC products available from one production batch.
Our 28nm SHA256 design, dubbed the “Creator” architecture, produces 256GH with die-level simulations indicating 0.17W – 0.3W per GH. Similarly, our Scrypt implementation produces 4MH per die at 5-8W per MH. This performance is possible thanks to our relationship with the above mentioned FD-SOI capable foundry, where both chips can be fabricated simultaneously. Currently, Provenance ASIC is the only crypto-currency related venture with access to this technology. As illustrated by Cointerra and Hashfast, it is feasible to integrate 4 dies per package, allowing us the option of the first 1TH single-package SHA256 product on the market.
The funding will be used to cover all costs associated with final back-end engineering, NRE, foundry costs, operating capital, first batch, and miner costs for the first generation of ASICs and miners.
The Offering:
Monday June 9th, 2014
200,000 Units at ฿0.0020 for a total of BTC400
Thank you for your support
Provenance ASIC “PROV” is an ASIC design and fabrication company engaged in end stage engineering and fabrication to produce their Bitcoin ASIC and Scrypt ASIC concomitantly.
Our 28nm ASIC design architecture dubbed the “Creator” to be used at the foundry level allows for simultaneous production of the 1TH “Creator 1” Bitcoin ASIC, 256GH “Creator 2” Bitcoin ASIC and the 4MH “Creator 3” SCRYPT ASIC from the same wafer batch. This unique ability, and the lower costs associated with the FDSOI process, lends Provenance ASIC a competitive advantage with regards to $/GH/W and unparalleled ASIC diversification with essentially three different ASIC products available from one production batch.
Our 28nm SHA256 design, dubbed the “Creator” architecture, produces 256GH with die-level simulations indicating 0.17W – 0.3W per GH. Similarly, our Scrypt implementation produces 4MH per die at 5-8W per MH. This performance is possible thanks to our relationship with the above mentioned FD-SOI capable foundry, where both chips can be fabricated simultaneously. Currently, Provenance ASIC is the only crypto-currency related venture with access to this technology. As illustrated by Cointerra and Hashfast, it is feasible to integrate 4 dies per package, allowing us the option of the first 1TH single-package SHA256 product on the market.
The funding will be used to cover all costs associated with final back-end engineering, NRE, foundry costs, operating capital, first batch, and miner costs for the first generation of ASICs and miners.
The Offering:
Monday June 9th, 2014
200,000 Units at ฿0.0020 for a total of BTC400
Thank you for your support
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