Synth maker Aodyo Instruments has announced the failure of their Kickstarter project to produce the Anyma Omega polysynth and that they now in liquidation.

They say that most of the campaign funds were spent on product development, and that the company now has no cash flow and is under the liquidator’s control. It is unlikely that contributors will recover their investment.

Here’s what they shared on Kickstarter:

“First and foremost, we want to express our sincere apologies for this prolonged silence. It was never our intention to ignore your concerns, but we were working tirelessly to explore every possible solution that could allow us to continue our operations and deliver on the projects you supported. We understand your frustration and disappointment with the lack of communication and transparency over the past few months. We know you were expecting updates from us, and we regret not living up to your expectations.

The truth is that we have been going through a very challenging period since the safeguard procedure was initiated on the June 24. This legal process was supposed to help us restructure and avoid bankruptcy, but it also required us not to disclose any information that could discourage potential investors or buyers.

During the summer, we continued to work on the Loom and Omega, convinced that we would find a solution. Unfortunately, our efforts did not succeed, and we are now forced to announce what some of you may already know: Aodyo Instruments is now in liquidation.

This means that the company will cease its operations on November 1st, and that a court-appointed liquidator is overseeing the process of closing the company and managing its remaining assets to repay creditors.

We understand that this is a hard blow, and although there are details we are not at liberty to disclose due to our legal situation, we want to try and address the key concerns you raised during these last few weeks.”

Backers should see the project site for details.

Note: Crowdfunding projects essentially ask you to be an investor in a project, which comes with risk, in exchange for early access to new gear, and reduced prices. Kickstarter says that about 7% of project backers never get their chosen reward, with risks pretty similar across product categories.

Synthtopia always includes a risk statement when we cover crowdfunded synth projects, because these projects sometimes fail and backers never get their rewards. If you want to avoid this risk completely, skip crowdfunding projects and buy the gear, at the higher price, when it is commercially available.