The Roli musical instruments company files an administrative file and relaunches itself under the name Luminary
Roli, the modular musical instrument business backed by Pharrell Williams and Grimes, has gone under administration in the UK, the company has confirmed. It will now be relaunched as Luminary, with an emphasis on beginner musicians rather than professional musicians, the company said.
Luminary will be led by Roli Founder and CEO Roland Lamb. Roli had around 70 employees who will move to Luminary, which will also retain Roli’s intellectual property and assets. However, Roli has raised some $ 76 million from institutional investors, some of whom will lose their money, according to the report.
The company launched the Seaboard Modular Keyboard and Modular Blocks System designed to let you play songs, type beats, and loop while recording music with an iPhone or iPad. He followed with Lumi Keys, a luminous electric piano designed to help novices learn to play.
However, Lamb said the company’s initial focus on professional musicians and DIY enthusiasts limited its potential for growth. “At the end of the day what happened was the pro-focused products that we initially developed, although successful in their market, the market was not large enough given our corporate trajectory. “, did he declare. Business intern. In the 18 months to June 30, 2019, the company lost £ 34.1million ($ 47.1million) on revenue of just £ 11.4million ($ 15.8million) dollars).
As such, Luminary will now focus on learning to read music and piano with the goal of becoming “Piano Platoon”. To that end, it will offer the Lumi Keys keyboard for $ 300 and an annual app subscription of $ 80, as well as a basic free tier. It will also be relaunching the Seaboard, which was recently out of stock. “I’ve learned a lot about how to operate in new ways that are better… so I’m excited about this next step,” Lamb said.