KI- und Roboter-Vaporware: Destiny Robotics hat Investoren betrogen

The United States Securities and Exchange Commission (SEC) has offered the insolvent start-up Destiny Robotics to drop an investigation in return for a payment of just under 65,000 US dollars. This is according to an SEC announcement on Tuesday. The SEC had accused the company of being unable to manufacture two products, a personal holographic AI assistant and a humanoid robot, and thus deliberately defrauding investors of their money.

The company, which was founded in 2021, had boldly promised on the Wefunder investor platform that it would develop an AI-controlled holographic assistant. It should be ready and on the market in 2022. The company also wanted to build a complete humanoid robot that would be available for sale in 2023. The company attributed true miracles to both products. They were supposed to be able to establish a relationship with people and help with difficult problems such as crisis management, psychological therapy and childcare.

Fraudulent intent

However, the whole thing turned out to be a big scam. 145 investors had supported the company via Wefunder with a total of 141,455 dollars. However, the managing director of the company had never intended to finish developing the two products, let alone make them ready for sale. She had also concealed a personal relationship with one of the main investors. The SEC also found fault with Destiny Robotics for offering prospective buyers a waiting spot on a pre-order list in exchange for a $12 payment.

The SEC was able to prove the company's intent to defraud by analyzing the product videos on Wefund and documents. For example, the AI-controlled holographic assistant shown was only based on simple voice software. The alleged prototype of a humanoid robot also only consisted of a plastic head with shoulders that was remote-controlled and made to speak by standard voice software. In this case, the company claimed to investors that the robot was still under development, although no internal efforts were made to actually build the robot. Investors were not informed of this.

Destiny Robotics tried to lure more investors with the same promises on another crowdfunding platform, this time TruCrowd. However, the attempt was aborted prematurely by the company after it was discovered that the SEC had launched an investigation.

Proceeds used for personal expenses

The CEO of Destiny Robotics, who had embellished her resume on the crowdfunding platforms with non-existent experience in large technology companies, allegedly used some of the proceeds to cover personal expenses as well as costs for applications to academic MBA programs. She is currently enrolled at a California university and interning at a large software company.

The SEC has now offered the CEO of Destiny Robotics to settle the case. She is to pay 12,990.63 dollars plus 1394.06 dollars in interest. There is also a civil penalty of 50,000 dollars.

(olb)