Football helmet producer Vicis, a University of Washington spinout, has succumbed to cash pressures despite previously raising $85m in funding.
Vicis, a US-based insulated football helmet producer spun out of University of Washington, has opted to enter receivership in a bid to clear its debts under new ownership, GeekWire has reported.
Vicis is thought to have lured two rescue bids from investors, though nothing concrete has so far materialised. Eric Orse, president of financial services firm Orse & Co, has been legally appointed as the receiver for the business.
Founded in 2013, Vicis markets a protective helmet for gridiron football players under the brand Zero1.
Priced at around $950, the helmet is engineered to protect the athlete from brain trauma following tackles, adapting safety principles already used in the automotive and aerospace sector.
Vicis had previously announced more than 100 redundancies in an effort to protect dwindling cash availability.
The company raised more than $85m in funding altogether from more than 400 investors, GeekWire said,…
