Archive for July, 2008

No 8 Ventures congratulates Martin Aircraft Company on the world’s first practical jetpack!

Wednesday, July 30th, 2008

Martin Aircraft Company today unveiled the world’s first practical jetpack at Airventure, Oshkosh, Wisconsin.  This is the culmination of nearly 30 years of research and development by Glenn Martin and a team of avionic, technical, design and production experts.  For the next week the Martin Jetpack features as one of the star attractions alongside Virgin Galactic and the Boeing Dreamliner at the world’s largest air show.   Martin Aircraft Company, then in a garage, received initial investment from the No 8 Ventures in 2003 and we have worked intensively with the company for the past 5 years to reach this point.  In 2005, the 9th prototype achieved sustained flight times, laying the foundation for a viable and successful pre-production prototype to be developed.  In 2008, the world’s first practical jetpack was launched. 

For a small country, New Zealand has built a reputation for delivering the innovative, record-breaking and the breath taking. The Martin Jetpack is all of these, and No 8 Ventures congratulates Glenn Martin and the team at Martin Aircraft Company Ltd on their achievement.  

Always more out there

Saturday, July 12th, 2008

It’s amazing how even when you’ve been around in this small market for years, you keep getting wonderful surprises about the major development projects people get up and running on their own.  We’re finding lots of kiwis developing cool new products.  The big issue for us is helping to grow these into successful businesses.  There’s still almost no institutional money in venture capital in New Zealand.  If you know of an institutional investor who could be interested, let us know!

Open Cloud Funding

Friday, July 11th, 2008

The Open Cloud follow on round of US$10M has been concluded with the same investors as the first round: No 8 Ventures, Advent Ventures (UK) and Motorola Ventures.  The company’s busy on all fronts, very focused on delivering to its tier 1 customers.