Minneapolis’ much anticipated Pedal Brain closing shop

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Pedal BrainPedal Brain, a Minneapolis startup initially founded some four years ago by local technology inventor and entrepreneur Matt Bauer, is “mothballing due to collateral damage.”

Truly a dynamic and audacious venture, Bauer’s ultimate vision was to combine hardware and software into a bike computer, training website and coaching platform for serious bicyclists.

Bauer had secured approximately $1m in funding since an early 2010 launch, completed numerous stages of R&D, had production and beta users, including some of the industries most well known names.

Matt Bauer

“We went from moving forward in a much larger way to not going forward at all…just like that,” Bauer says, explaining how Pedal Brain was in the midst of completing an 8 month private investor backed multi-faceted acquisition when things started falling apart.

“We were at the finish line and we had put all of our eggs in this basket for it was what made the most sense to pursue,” he says frankly. “Startups are inherently risky, the best you can do is try to increase probabilities and trust your instincts when you’re ready to go for it.”

He declined to name any others concerned with the transaction, but did say how Pedal Brain was part of a much bigger-roll up strategy and that the damage is not limited to just his loss. “We’re actually pretty low on the pole.”

“We’re going be winding down the right way over the coming months and boxing up the assets of the business for whatever value may exist,” he said when asked what’s next. “After the collateral damage is resolved the IP may be picked up by the originally interested entities.”

Comments

  • http://zencoder.com Jon Dahl

    PedalBrain was awesome, and Matt is going to do amazing things in the future. Congrats on making something out of nothing.

    • http://twitter.com/robertjweber Rob Weber

      Yeah! I was a huge fan of PedalBrain too.

      Matt- Hopefully you can take what you’ve learned, and turn it into something huge with a restart of some kind.

  • Matt Bauer

    Jon and Rob thanks for the remarks – they mean a great deal to me. I assure you that I’m excited for the future, thankful for the past and wish the present was different.

  • Matt Geiser

    Matt – I enjoyed catching up with you at Demo last night. With everything you just learned your next endeavor is bound to be great. Great time to catch your breath.

  • Darren Cox

    Matt,
    I truly feel your pain (way more than you know). I hope that you land on your feet. You are handling things in the media with class even though I am sure there are behind the scenes stories that would probably paint a different picture… there always are.
    I sincerely hope you try again.

    Darren Cox

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