Cinemood MultiCube

Company

Office equipment and office supplies
Since 2014
Russia
Central Federal District of the Russian Federation
Moscow
101000, Lubyansky passage d.19s1

Russian startup, creator of a secure entertainment and development platform for children and a multimedia online cinema for everyone who loves movies and unexpected high-tech solutions. International company name Cinemood.

Owners:
Internet Initiatives Development Fund (IIDF)
Far Eastern High Technology Fund (DFVT)

Number of employees

2018 year

Owners

+ Government of the Russian Federation

+ Ministry of Finance of the Russian Federation

+ Federal Agency for State Property Management (Federal Property Management Agency)

+ Vympelkom, JSC

+ Vnesheconombank

+ Deposit Insurance Agency (DIA)

MultiKubik is the creator of the product category of family portable Smart TVs and produces compact cinemas with its own content platform under the Cinemood brand. This is an 8cm cube-shaped device projecting streaming content onto any bright surface. Today, in addition to Russia, the company operates in the CIS, USA and Canada markets, and its products are represented in 90 countries of the world.

The main product of MultiCube is the Cinemood portable mini-cinema, which works on the principle of a projector. In addition, the MultiCube team has created a series of Cinemood covers. They are made in the form of cartoon characters and upload additional content to the device via Wi-Fi.

The company plans to develop and manufacture new products, and reduce their cost, develop international markets and partner with world leaders in the field of telecom, production and distribution of content. The company was founded in 2014.

History

2022: Filing for Bankruptcy

On June 22, 2022, Multicubik filed for bankruptcy. The Russian manufacturer of mini-projectors did this a few months after it became known about its debts of 47.3 million rubles.

The company was ordered to pay this amount by the court in the claim of O-Si-es-Center. 9.4 million rubles of the total amount of claims "Multicubik" was supposed to pay for low-quality goods, 12.5 million rubles - for the goods returned unrealized by the distributor and 17.9 million rubles - for debts for unpaid premiums. Another 7.5 million rubles fall on the return of the advance.

Russian manufacturer of mini-projectors "Multicubik" filed for bankruptcy

Also, lawsuits against Multicubik were filed by ivi - for 13.9 million rubles, Digital Television (SP VGTRK and Rostelecom) - for 3.5 million rubles and OCS - another lawsuit for 38.6 million rubles.

We worked with Multicubik to resolve the impending crisis, but alas, we did not manage to come to a position that would be comfortable for both companies, the O-Si-es Center said in a conversation with CNews in February 2022. - Multicubik has a very interesting innovative product developed in Russia. But still, we are not shareholders of this business and could not bear the further costs of maintaining it. Financial control required us to file a lawsuit.

The company believes that Multicubik is another company that has not experienced a pandemic (we are talking about the COVID-19 coronavirus pandemic) decline in sales, an increase in delivery times and a rise in price of components. Not every mature business manages to painlessly endure losses in the current turbulence for a long time, which is to say about a young Russian startup, the O-Si-es Center company added.

The bankruptcy application of Multicubik LLC is registered in the file cabinet of the Moscow Arbitration Court. By June 27, 2022, the case is in the status of "considered in the first instance."^[1]

2020: Raising $5m

In October 2020, GamesBoost42, a company specializing in financing startups internationally, opened a $5 million credit line for Cinemood (it operates under the Multicubik brand on the Russian market). The manufacturer of portable mini-projectors intends to use the funds raised to finance marketing and production costs and scale in the US and European markets.

According to the press service of Skolkovo (Cinemood is its resident), citing the CEO of the company Mikhail Bukhovtsev, Cinemood and GamesBoost42 approached the deal in stages, starting with financing marketing costs.

In August-September, together with financial experts GamesBoost, they developed the first factoring case on the Russian market for all future sales to receive funding for all Cinemood production costs. Such a financing scheme will allow us to calmly scale sales without attracting investments over the next two years, "he said.

GamesBoost42 provides startups with working capital financing services according to the factoring scheme of future sales (the loan is provided based on the forecast of the receipt of money from sales that will only take place). The closing date for such transactions is 1-2 months, they say in the company.

To attract money, a startup needs to show its sales plan for the coming period. Once executed, it can increase the limit on available funding.

By the end of October 2020, Cinemood raised $10 million in total investments. Those who have invested in the startup include the Internet Initiatives Development Fund (IIDF), the Russian-Belarusian Venture Investment Fund, the Far Eastern High Technology Fund and the American company SOSV.

At the end of 2020, the startup plans to release the world's first portable LTE TV with television viewing, video calls and VR games.^[2]

2018: Collaboration with Viman Capital Fund

On May 24, 2018, as part of a business program St. Petersburg International Economic Forum Vnesheconombank , the Indian infrastructure and financial holding Srei Infrastructure Finance Limited (SREI) announced the start of the fund Viman Capital and signed investment intentions agreements between the fund and four project companies selected for the pilot, including "MULTiKUBIK." The investor agreement on the joint fund Viman Capital PTE Ltd. was signed by a subsidiary of Vnesheconombank and VEB Innovation a subsidiary of SREI - by Srei Infrastructure Advisors Limited.

2017

Revenue growth

More than 16,000 devices were sold between 2015 and May 2018, with more than 10,000 sold in 2017. Revenue for 2017 exceeded 2016 by 9 times. According to the results of 2018, a more than threefold increase in revenue is planned.

Attracting investment from the SOSV fund

In 2017, MULTikKUBIK attracted investments from the American venture capital fund SOSV as part of the acceleration program for hardware startups HAX Growth, conducted by the fund. The startup became the first Russian resident of the American accelerator.

Attracting investment from the IIDF

In January 2017, the startup attracted an investment of $2.5 million from the IIDF during round A.

2016

In the summer of 2016, MultiCube won 3.3 million rubles at the Startup Village 2016 competition, taking first place. In January 2016, the project attracted investments from private investors at the StarTrack deal syndication site in the amount of $300 thousand. In December 2016, the first 600 devices were delivered to customers around the world. In the spring of 2016, the startup launched a crowdfunding campaign on the Indiegogo site and raised more than $150 thousand for the release of the Cinemood portable wireless mini-cinema. In January 2016, the company's new product, CINEMOOD, was unveiled at CES 2016 in Las Vegas.

2015

In the summer of 2015, the MULTiCUBE team passed the HaxAsia Hardware 2.0 accelerator at Skolkovo, and in 2016 the company became a resident of the technopark. In 2015, the company launched the MultiCube 1.0 children's projector on the Russian market. 3000 copies have been implemented.

Notes

Источник — «https://tadviser.com/index.php/Company:MultiCube_(Cinemood)»

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