The unicorn which burns more than 100 million and is still dead


venture itself a accumulate steadily things, or to learn more young, less 36Kr, less entrepreneurial class, learn more practical: write code, do design, draw a line chart, don’t would want to have a big news. Even the cattle as the following 13 companies, they are already out of money problems, have invested more than $100 million, this can be a real unicorn, but eventually suffered like God’s banter, only dramatic failure.

1, KiOR

equity financing total: $250 million

KiOR a factory

KiOR was founded in 2007 as a new renewable fuel company, whose founder, Paul O, is a chemical engineer in Holland, Connor.

The main business of the company

is through its independent research and development of biomass liquid catalytic cracking processing technology platform will be non food biomass (mainly for the Southern Yellow Pine) into fiber renewable diesel and gasoline fuel. Sounds great, right? I don’t understand, huh? Well, that’s right.

it has been that the United States government and Silicon Valley to promote bio energy that also was the "fortune" in 2000 as "the most successful venture capitalists" Khosla high hopes for the project that the company production of bio energy will change in the future 25 years gasoline only accounted for the market situation.

, however, KiOR filed for bankruptcy in 2014, 7 years after its founding. Most people think that the reason for the failure of the company is that the team has only a technical founder, and the lack of a real operational energy industry experience.

it is well known that the energy industry in the early stage of technology research and development costs, and no revenue. Therefore, if the commercial production can not be successful, the enterprise will face the risk of capital strand breaks. KiOR since its establishment in 2007, has been engaged in research and development in the burn stage. 2008 to 2010 the company has invested $35 million in R & D, the cumulative loss of more than $three over the past 65 million years. Even worse is that, in the investment and construction of the plant has not yet formed a stable output, KiOR exaggerated its yield. It claimed that the production of raw materials can produce 67 gallons per ton of gasoline in the IPO file (1 gallons approximately equal to 3.8 liters), in order to achieve the envisaged $1.8 cost of producing 1 gallons of gasoline, and they said it had reached close to 72 gallons per ton output in 2012, and plans in the future to achieve output of 92 ton of raw materials. However, according to its internal information technology failed to reach 67 gallons of stable target, more output rate in 20 – 40 between the floating end KiOR is running out of time and money and investors for their patience, but chose to apply for bankruptcy.

comment: it is not enough to know how to write code or develop good products

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