Intrusion Detection Startup: No Revenue, No Shipping Products, $6 Million Valuation

They claim their idea is the 'World's Simplest and Most Affordable' Intrusion Alarm System, but at this point, that's all it is: an idea.

Korner recently held a successful crowdfunding campaign that committed over $400k for an alarm system that will cost endusers ~$100 to install and about $35/year to monitor.

Now the company is trying to raise millions more in a subsequent campaign, while still months away from shipping any product. In an 'invite-only' fundable.com campaign, the company is trying to attract another round of private investment.

The 'pre-money valuation' of $6,000,000 caught our eye:

Keep in mind, this is a valuation for a company that has not produced any hardware and shipped no product.

Some point to this as just another example of the VC tech-investment bubble that currently is poised to rupture.

In any case, what is your take on this?

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