Quirky (company)

Quirky

Company type	Private
Industry	Invention, Crowdsourcing, Design
Founded	2009 (2009)
Founder	Ben Kaufman
Defunct	2015 (2015)
Fate	Filed for Chapter 11 bankruptcy; assets sold to Q Holdings and Wink platform sold to Flextronics
Headquarters	New York City , United States
Key people	Ben Kaufman (founder, former CEO)
Products	Invention submission platform, connected-home devices

Quirky functioned as a platform that linked inventors with firms focused on particular product segments.

History

Established in 2009 by entrepreneur Ben Kaufman, Quirky attracted considerable venture capital investment: a $6.5 million Series A round in 2010 led by RRE Ventures; a $16 million Series B round in 2011 spearheaded by Norwest Venture Partners; $68 million raised during the Series C round in 2012 from Andreessen Horowitz and Kleiner Perkins; followed by a $79 million Series D round in 2013, which included a $30 million contribution from General Electric (GE). This agreement with GE also initiated a collaboration aimed at producing 30 connected-home devices over a five-year span.

The company garnered media exposure through a 2011 reality television series aired on Sundance Channel and a 2012 feature on CNN's The Next List, which showcased its pioneering business approach and CEO Kaufman’s leadership role.

After encountering financial difficulties, Kaufman resigned as CEO in July 2015 following the layoff of 111 employees. By September 2015, the company filed for Chapter 11 bankruptcy protection. Despite opposition from GE, Q Holdings purchased Quirky’s assets, including its website and most product lines, for $4.7 million. Separately, Quirky’s smart home platform Wink was sold to Flextronics for $15 million.

In February 2016, Quirky revealed new funding and changes in ownership. Nevertheless, as of April 2024, the invention submission service remains non-operational.

See also

• Doreen Lorenzo, former president and senior executive