High-tech keyboard maker Roli kept afloat by US lender

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A high-tech musical instrument company backed by Sony and singer Pharrell Williams is on life support from its US lender as it tries to secure new investment.

London-based start-up Roli, whose rubber keyboards are used by Canadian singer Grimes and Stevie Wonder, has stopped paying interest on more than $ 20 million (£ 15 million) in loans from the company. Silicon Valley TriplePoint investment.

The start-up, which has raised more than $ 100 million in debt and equity, has taken an additional $ 4.1 million loan from TriplePoint, seeking to pull itself together in hopes of securing funding. additional.

Roli suffered a loss of £ 23million in 2017, the latest figures available, and has sought new funding in a bid to move towards profitability.

Last week, TriplePoint downgraded the value of Roli’s stock warrants, initially valued at $ 644,000, to $ 5,000 and said it was “working on a credit situation” with the company.

Roli’s loans are listed as unaccounted for in Triplepoint’s accounts, meaning he has agreed to stop making payments.

The company last secured new funding last summer when it raised £ 10.4million, according to the documents.

Roli’s synthesizers use silicone keys that can be manipulated to create new types of sounds and have been used by several renowned musicians. Mr. Williams served as Creative Director in 2017 and Sony’s innovation fund invested in the company.

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