Segway Series C Stalls

Joanna covered Segway, the personal transportation company, in January, reporting that the company was seeking to raise $20 million in its Series C. It had raised $10.2 million at that point.

In the three months since then, the company has only managed to add $5.5 million to its coffers, leaving it still nearly 25% away from its target—suggesting the company is having a tough time regaining investor confidence.

Since 2000, Segway has received approximately $126 million in venture funding, not including the latest round. Backers include Kleiner Perkins, CSFB Private Equity and Duff, Ackerman & Goodrich.

On its website, the company says it’s continuing to develop model vehicles using dynamic stabilization technology, which is geared to prevent tipping. One of the prototypes the company sees as most promising is Concept Centuar, a four-wheeled transporter for one or two people. Segway says the self-balancing vehicle would be less dangerous than an ATV or motorcycle, in addition to being battery powered and quiet.