Thanks very much! Sophia and Tom are Taiwan-based, so they're asleep at the moment. I'll check back in with as much information as I can get regarding a more detailed breakdown of manufacturing and sourcing costs from the $3.6M. I'm US-based in order to have a schedule that more closely matches the forums' North America / Europe population (the Securities subforum is most frequented during these continents' waking hours). I've been brought on to the team to help out with with investor communications so I won't always have the information on-hand, but I do have direct contact with the Taiwan-based team and Havelock as well.
Sounds good, thanks for the update.
My fear/impression is that the VC's got their shares much cheaper than IPO investors. To my understanding, developing a chip up to the mask is not that expensive and surely does not cost $4 Mio (that would be >20-40 man years in salary!!!). There are many ASIC companies that develop a working prototype up to the mask using only 30% of the pre-order money (e.g. Alpha-tech).
Just wanted to touch on this part specifically. In just about all cases, yes, Angel investors receive their shares vastly cheaper than IPO investors. I'll speculate that in this case the Angels put in less than $1M to help get the company off the ground. Since VC and Angel investing can be quite risky, it's normal to see a smaller investment be worth 20-30% of a company prior to IPO.