The podcast creation platform Auxbus has raised seed financing, staffed up and won accolades from users. But founder and CEO Dan Radlin said what the company formerly known as Podcraft hasn’t done since launching last year is build a big enough customer base to support its current business model. In a year-end blog post, Radlin announced he has begun to market Auxbus for sale.
Radlin said Auxbus has suffered from a “poor commercial performance,” blaming their hyper-focus on building the product and not a base of podcasters using the platform. “We’ve focused too heavily on building a great product while not focusing enough on building a great business,” he said.
In addition to putting the Asheville, NC-company up for sale, Radlin said he and his team will now work part-time at Auxbus as they seek outside employment. “We will continue to provide outstanding customer support, and there will be no change in availability of Auxbus. The product is great, and we are sufficiently capitalized to continue service indefinitely,” he added.
Auxbus raised seed funding in August from Ideaship, a venture capital firm that provides patent development capital for early stage startups. Earlier, Auxbus in May announced it secured funding from several other sources, including High Country Impact Fund, a Boone, NC investment group focused on high-growth, early stage companies operating in western North Carolina. It has also secured capital from Marco Massini of Mercurio Capital Partners.
Radin, a 15-year veteran of audio companies such as Harman, SteelSeries, and Alesis, has said his goal was to build easy-to-use technology that seemingly “disappears” when used with a platform that allows podcast creators to plan and record their show and leave the production and distribution to the Auxbus team, which relies on a mix of human producers and proprietary technologies.
Auxbus formally launched its podcast creation platform at the Podcast Movement conference four months ago. The web-based app guides first-time podcasters through planning and creating their content and then automatically completes and distributes a finished, polished show. Auxbus said at the time it had more than a thousand users during its beta phase. It had been focusing on the fast-growing business marketing and branded podcast segment.