Football helmet producer Vicis, a University of Washington spinout, has succumbed to cash pressures despite previously raising $85m in funding.

Vicis, a US-based insulated football helmet producer spun out of University of Washington, has opted to enter receivership in a bid to clear its debts under new ownership, GeekWire has reported.
Vicis is thought to have lured two rescue bids from investors, though nothing concrete has so far materialised.  Eric Orse, president of financial services firm Orse & Co, has been legally appointed as the receiver for the business.
Founded in 2013, Vicis markets a protective helmet for gridiron football players under the brand Zero1.
Priced at around $950, the helmet is engineered to protect the athlete from brain trauma following tackles, adapting safety principles already used in the automotive and aerospace sector.
Vicis had previously announced more than 100 redundancies in an effort to protect dwindling cash availability.
The company raised more than $85m in funding altogether from more than 400 investors, GeekWire said, most recently closing a $30m series B round in February 2019 with $1.5m from NFL quarterback Alex Smith, according to Puget Sound Business Journal.
Smith’s contribution followed the initial $28.5m series B close in November 2018 featuring Rx3 Ventures , a consumer-focused investment fund which participated on behalf of NFL quarterback Aaron Rodgers, according to TechCrunch.
Vicis had already received $10m in a 2017 round led by private investor Harry Fath, after a $5.2m convertible note secured in the same year over two tranches featuring unnamed backers, according to media reports.
The spinout’s early-stage investors include University of Washington, philanthropic office Wallace H Coulter Foundation, angel group Alliance of Angels, U Fund and assorted private investors.
Bruce Montgomery, chairman of the board of directors at Vicis, said: “This is a difficult but necessary step that gives us the best opportunity to secure a buyer for the company with the goal of ensuring maximum return to shareholders.
“We know this is heartbreaking news for Vicis customers, employees and investors who placed their trust in our products and believed in our mission.”