SAN FRANCISCO – Silicon Valley startup Audacy failed to attract the funding necessary to build an inter-satellite communications relay network and closed up shop in 2019.
Prior to the firm’s demise, customers signed memoranda of understanding to spend more than $100 million annually on Audacy’s network and the firm obtained a Federal Communications Commission license to provide fixed and inter-satellite communications services from a constellation of medium Earth orbit satellites.
Audacy’s name was a nod to the ambitious nature of the undertaking. After learning of the plan to create a commercial version of NASA’s Tracking and Data Relay network, someone called the effort “audacious.”
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Audacy began laying off employees in January 2019, soon after the firm failed to make contact with a technology demonstration satellite launched in December 2018 on a SpaceX Falcon 9 rocket rideshare mission. In May, two of Audacy’s three cofounders left and the firm closed its offices in Mountain View, California, and Singapore.
Audacy CEO Ralph Ewig continued seeking investment until August when the firm defaulted on its debt.
Former Audacy executives and investors declined to discuss the firm’s demise but Ewig talked about the hurdles Audacy faced at a NASA iTech Forum panel discussion in Mountain View in July 2019.
Entrepreneurs are taught to pay close attention to product-market fit, making sure customers want the products they plan to produce. In retrospect, Ewig said startups also should understand the importance of finding appropriate investors.
“Not every investor is going to be a suitable investor for you based on the product, your company, and the parameters around that,” Ewig said at the NASA iTech Forum. “Work at product-market fit as an investment opportunity to a very specific target audience just as hard as you would work on product-market fit for your customers. That was a huge lesson that took us a long time to pick up on.”
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Our audacious mandate
- Contribute to a more sustainable healthcare system
- Develop treatments neglected or shelved by other companies
- Prioritize drug projects with great therapeutic potential vs profit potential
- Run a thriving business serving the public health
Our way
We are a Public Benefit pharmaceutical company.
We seek a new community of people and companies who also want to produce great medicines for our common health and economic welfare.
Audacity Company
Our mission requires us to redress each element of contemporary business models to meet our mission — from utilizing strategic financing to alternative distribution channels.
Be complementary, not competitive
Audacity Company Meaning
- Advance shelved products that could help some patients, but aren’t being advanced by traditional biopharma companies
- Repurpose approved drugs for different indications
- Pick up drug candidates partially developed by academic labs that will not meet venture capital nor large pharmaceutical company interests
- Be diligent to make our products reliable – we aren’t in a race to be first, but we are in a race to help more patients
- Collaborate to be smarter and better – everyone wins
Think like engineers
- Solve medical problems with sensible solutions
- Be practical, efficient, rigorous and lean
- Look again at prior studies — what we can learn through today’s lens?
Integrate patients into our work. All steps. All the time.
- Bring patients and advocates into the lab, not just the lobby
- Scientists can listen to learn about the disease experience – from the experiencer
- Patient’s perspectives belong in all conferences with regulators
- Do “direct to patients” communication about our products – without the hype
Stand up for affordability
- Premium pricing violates the Hippocratic oath: “do no harm”
- An impact investment model enables rational pricing
- Collaborate to create cost effective practices for developing, marketing and delivering our medicines
Be transparent — in everything we do
- Be an open book scientifically and financially
- By sharing – whatever the results – our fellow drug developers can learn with us
- Not competing allows us to be completely transparent
- Be fearless. Share openly. Trust.
“B” Responsible
We are a B Corporation (Public Benefit Corporation), part of a global movement of businesses thatbalance purpose and profit to grow a “B” economy — with shared and durable prosperity for all. Join us!
Our Team
David Housman
Co-Founder, Director
Todd J. Keitz
COO
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