The reluctant new owner of PicoBrew puts the assets of the closed startup up for sale on the website

Since the first The Spoon broke the story of PicoBrew, a tech startup for home brewing, filed for bankruptcy in February, an open question remained as to what would happen to all of the company’s intellectual property once it fell into the hands of a new owner.

Now we know. The new owners, a group called PB Funding Group, has launched a website and sold the company’s patents and product intellectual property.

So who is PB Funding Group and how did it come to own all of the company’s assets?

Apparently, PB Funding Group is the same group of former investors that became PicoBrew’s bridge lender in mid-2018 when the startup failed to secure a new round of funding. They gave the company until late last year, and after PicoBrew failed to lock down potential buyers or investors in the midst of the emerging pandemic, PB Funding Group pushed the company into the receivership process.

It was a wise move in retrospect as it allowed the group, after securing the winning bid, to emerge on the other side with all of the company’s assets but none of their debt. Since that time, the company has auctioned off many of its operational assets such as PicoPak assembly machinery and warehouse equipment for “halt huge warehouse and operating costs. “

And now, the new PB Funding Group website lists the various patents (and pending patents) and assets of the PicoBrew product line such as Pico, Zymatic and PicoStill for sale or license.

From the group open letter on the site:

Efforts to find the right buyer, licensee or partner are actively underway, however all operations had to be stopped to stop the losses. Many of the company’s assets have been liquidated to halt huge inventory and operating costs.

Talks are underway with those interested in all or parts of the company, but nothing has yet been decided. We continue to seek interested buyers of some or all of the technology, in the form of a sale or potential license of the underlying technology.

Whether or not they will eventually find a location for the company’s patents or product IP remains to be seen, but in the meantime PB Funding Group has promised to keep PicoBrew’s servers online for the foreseeable future.

That promise has been a relief to a small but devoted group of PicoBrew home brewers who hope to continue brewing with their Pico. While they will not be able to use the PicoPak manufactured by PicoBrew, the community has been working on creating self-sufficient alternatives such as 3D printed cereal and hop baskets. And, anticipating the day PicoBrew will shut down its servers, a Facebook group developed a way to keep a Picos up and in production without connecting to the company’s web servers.

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About Myra R.

Myra R.

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