SingTel Innov8 & 500 Startups funded Ninja Blocks goes bust

Ninja Sphere, produced by Ninja Blocks

Australia-based Ninja Blocks, which manufactures home automation systems, has run out of funding, according to a recent business blog post on their website. This is despite having raised $2.4 million over three rounds, the latest being a venture round with 500 Startups, Blackbird Ventures and Singtel Innov8 participating.

This was in addition to another $550,000 received from their Kickstarter campaign, which closed in January 2015. According to the blog post, the development on its Sphere product ran overtime and over budget.

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