Bitcoin Forum

Havelock Investments is pleased to announce the upcoming offering of Provenance ASIC:

Provenance ASIC “PROV” is an ASIC design and fabrication company engaged in end stage engineering and fabrication to produce their Bitcoin ASIC and Scrypt ASIC concomitantly.

Our 28nm ASIC design architecture dubbed the “Creator” to be used at the foundry level allows for simultaneous production of the 1TH “Creator 1” Bitcoin ASIC, 256GH “Creator 2” Bitcoin ASIC and the 4MH “Creator 3” SCRYPT ASIC from the same wafer batch. This unique ability, and the lower costs associated with the FDSOI process, lends Provenance ASIC a competitive advantage with regards to $/GH/W and unparalleled ASIC diversification with essentially three different ASIC products available from one production batch.

Our 28nm SHA256 design, dubbed the “Creator” architecture, produces 256GH with die-level simulations indicating 0.17W – 0.3W per GH. Similarly, our Scrypt implementation produces 4MH per die at 5-8W per MH. This performance is possible thanks to our relationship with the above mentioned FD-SOI capable foundry, where both chips can be fabricated simultaneously. Currently, Provenance ASIC is the only crypto-currency related venture with access to this technology. As illustrated by Cointerra and Hashfast, it is feasible to integrate 4 dies per package, allowing us the option of the first 1TH single-package SHA256 product on the market.

The funding will be used to cover all costs associated with final back-end engineering, NRE, foundry costs, operating capital, first batch, and miner costs for the first generation of ASICs and miners.

The Offering:

Monday June 9th, 2014

200,000 Units at     ฿0.0020  for a total of BTC400

Thank you for your support

Kill it before it lays eggs.

Where's the prospectus to this?  It's not on the HL site that I can see, or on their barely put together website with no contact information.

Not sure what kind of research is going into vetting companies but this looks like someone started this about a month ago.

https://www.havelockinvestments.com/reportdownload.php?id=99

briefly:
they want to raise quarter of a million $ + in exchange for 2% equity
so far they have FPGA simulation.
if they raise full amount of funds, they go to 28nm, else 40nm
they'll pay dividends until original investment is recouped, then that's your lot?

team seems competent enough, though I'd personally be a little concerned with founder writing this


sorry but if/when prov fail to deliver or their specs they will deservedly be considered failure and scam also like bfl.
only my opinion here but risk reward ratio not seem to make sense

10 million shares, assuming no increase in ipo share price that would value the company at 22k BTC or $14.3m(650$/coin)

Based on Year One
28nm Profits $10m
or per share ($1)

40nm Profits $4m
or per share($0.40)

Please correct me if my maths is wrong, rounding was used.

Edit: Looking over the prospectus some more, if they ipo out  and get  $14m this covers 100% of their expenses, so to me this looks like an interest free loan rather an investment, imho. Can the team not put any capital to the project?

Your math appears accurate enough, tsm13.

The prospectus was a little light on details for my tastes however my main beef is that I don't see $14m worth of value yet.  Another company that wants me to pay, today, what they would be worth after using my money to become successful.  Does nobody watch Shark Tank or Dragon's Den?

I'd respectfully disagree with Anotheranonlol that failure does not automatically equal scam though I'd be hard-pressed to prove that using only the Bitcoin Community as examples.

They are valuing themselves at $14M and are only expecting $10M in sales in the first year, their valuation seems really high to me, especially since they estimate another 6 months before receiving their first chip.  Perhaps if this chip was to come out a little sooner that value could be warrented, but then they would also have way over 10M in sales at that power to GH ratio.

In all, too highly valued by not offering enough equity.

EDIT:  Looks like I was beaten to the punch in pointing that out.

Would you believe six million?

http://www.wearysloth.com/Gallery/ActorsA/tve54-19660219-133.jpg

Thank you for your responses, and your interest.  Please allow us a few moments to respond to some of your concerns.

As linked by ibuyltc, the current Prospectus can be found here:  ( https://www.havelockinvestments.com/reportdownload.php?id=99 ).  It is intentionally concise; a 50-page initial proposal document usually ends up in the trash.

The website ( http://www.provasic.co/ ) is new and sparse.  Our focus has been on the engineering aspects of the projects, not the PR.  However, we plan to develop the website now that we have gone public, so please let us know what sort of content you would like to see.  Contact Info is available under the 'Contact Us' menu button, and we will continue to monitor this thread.

The ASIC design team has been working on the architecture and design of the chip for over a year: lots of optimizations and validation of various techniques to reduce power while keeping performance high.  The ProvASIC entity was created once we found a solution that would enable a compelling ASIC product.  ProvASIC was specifically chartered to enable unit holders in the ASIC development and sales.

Our revenue estimate for the first year is $24M.  The $10M number on the Prospectus is the Net Income, aka Profit.  Combined with the value of the IP/NRE, a $14M valuation does not seem unreasonable.  Additionally, this is a long term venture.  2nd and 3rd year profit estimates can deviate wildly, so we kept our focus on the 1st year cash flows when drafting the Prospectus.

Initial Unit holders receive priority dividends until repaid, however they retain their units after repayment.  Once repayment is complete, future dividends are paid to all unit holders, including holders of the initial units.

Hopefully this clarifies things a bit.

Stop donating your money to strangers!!! If this company valuation of $14.3m is correct they will have no problem finding another $250.000. If they will be successful you can buy their product so it's a win, but if not then... aaaand it's gone.

P.S. Another new low from havelock.

ProvASIC IPO is now live!

https://www.havelockinvestments.com/fund.php?symbol=PROV

A $14M valuation is completely reasonable for a company with an established product, history of sales, and adequate financials.

Also, I see that the funding generated by the IPO will be used to essentially build the mining rigs, from chips all the way through custom cases, as well as provide capital to run the operation. Given that's a critical step to success, don't you find an offering of 2% to investors a bit...insulting?

Forget the "insulting" part of the equation. where's the sunk capital costs?  Who are the angel investors, how much money has already been invested in the biz?

The reward isn't factoring in the risk.  We take the risk of investing with a start-up that is entering a highly competitive field, late in the game, with an unproven track record.  It doesn't make financial sense to risk money on something that is likely to fail.

i'll buy a couple of shares... just in case the 'hail mary'  works. I'll sacrifice a latte for that. ;)

So...now you can start a $14m company with one design in the mining fab space, apparently.

Nice prospectus, but do you have:
- a disclosure of your angels
- a detailed pricing strategy
- partnerships/contact with major pools to discuss specs/performance data
- a marketing strategy
- potential batch-buyers/re-sellers

IMO, your offering is competing with TAT's old ASICminer subshares, and when potential investors view the two assets side-by-side, you guys are going to struggle to pull in any equity, especially if you're only offering 2%.

Investors: 100% chance of losing money here.

@Havelock; provasic:  I warned you guys >:(

With a grand total of 1,950 shares sold (3.5BTC, or almost 1% of the offering), i think somebody will have to go back to the drawing board.

Thank you to our early investors!

Our initial offer is derived from our valuation, and current market conditions.  We believe our priority dividend schedule is a unique benefit to our early investors when it comes to long term equity prospects.  Our sunk costs and owner's equity are well in excess of half a million at the moment.  We can't disclose our Angel Investors at this time; we still have opportunities for interested parties.  Similarly, we are in discussions with mining farms, but can't divulge the details.  Our pricing strategy is flexible, but our projected chip and electronics costs should allow us a good deal of adaptability when it comes to pacing the market.

We are working on some additional documentation, and will release specific details as we can.

In the mean time, we've updated the team profiles on the website.  http://provasic.co/about.html

Thanks again for your interest, and your questions.

Why are your websites for both private? a-2.com if your wondering what I mean by second.
Your about us page tells us about these people with great backgrounds but you have no "proof in your pudding" so to say.

I am seeing some HUGE red flags here, if you have the ability to fund 5.8million dollar real estate deals why do you need the communities money? You own a lending business but can not fund your own business venture? Really?

Invest with caution background check has not come back with what IPO issuer is saying

1 Person on the about us page has 3 criminal hits returned.
Offense Description:WATERCRAFT / PROHIBITED AREA, NEGLIGENT OPERATION OF ANY VESSEL WITHIN
Offense Description:SALTWATER STAMPS
Offense Description:D.U.S. 1ST

1 Property 4 plex owned

a-2.com now look at a2.com I called the owner he said he has no clue who Mr. Thorpe is and will give me a call back.
I explained exactly to the owner what I was doing and I felt that fraud might be happening due to the a-2 site.

UPDATE: Owner of a2.com called back said Mr. Thorpe has never worked for him, and was worried about the sites being so similar.


https://www.linkedin.com/in/rogerthorpe
The email registered to Roger Thorpe for both sites but one is owned by a different person
rxxx@a2.com   Roger Thorpe
19421 Sierra Lago Rd
Irvine, CA 92603
949-854-xxxx    

http://provasic.co/about.html
"Custom system to detect dangerous contaminant in military AC systems
System critical to team that earned the 2013 Secretary of Defense Environmental Award"
http://www.denix.osd.mil/awards/upload/2013-FY-2012-Environmental-Awards-Brochure.pdf
Ms. Dorenda Coleman, the Sustainability Manager for the Arizona
Army National Guard (AZARNG).


This thing Reeks!
                                  
Why has no one hit a noob asking for IPO with negative trust yet?

Free background check provided by me :)
Want due a background report on IPO's use my service! Its 1 more layer of protection

In response to your questions:

The lending company is a real estate lending and business development firm, and our team member is a Co-Founder, not the sole controlling member.  ProvASIC is a separate endeavor in a different market space.

a2.com isn't related to a-2.com; it's natural they wouldn't know our team member.  We have called them and clarified the situation.

Ms. Dorenda Coleman is unrelated to our team member.  Page 5 of the following link shows an image of the product developed for this project: Project Summary (http://www.denix.osd.mil/awards/upload/4WSA-TI-COUNTERFEIT_REFRIGERANT_IMPACT_TEAM-Narrative_FINAL_21_Feb_13.pdf).   The award announcement is in this link: Award Announcement (http://www.denix.osd.mil/awards/upload/2013-SecDef-Environmental-Awards-Annoucement_USA001913-13_Signed_2013041.pdf).

While you drew a few incorrect correlations and conclusions, we appreciate your enthusiastic due diligence.

why does Mr. thorpe have a a2.com email?
http://i60.tinypic.com/otdpqp.jpg

Do not donate your money to criminals protected by havelock!!!

Lol, this.

http://thechannelsurfers.com/wp-content/uploads/2014/02/really-seth-and-amy.jpeg

Also, Prov, can we have a disclosure on who you have hired on for the project at this point along with their CV's?  Do you yourselves have Linkedin profiles to support your own CV's?

Status Update!

First of all, thanks again to our investors for their interest and support.  We’re glad to have you on board.

The IPO has been slow to start, but that’s not entirely unexpected.  We’re making some adjustments to keep things moving, generate more interest, and open up some additional options.

Our initial plans included simultaneous SHA256 and Scrypt on a single wafer, produced at STMicro’s FDSOI facility.  The funding is coming in too slowly, so we've decided to move forward with a single SHA256 28nm die fabricated at SMIC. Although we’ll have a lower cost in terms of $/GH and our power usage/GH will stay roughly the same, one side effect is a reduction in total performance per die from 256GH to 180GH.  Power usage will stay in the same ballpark of 0.14-0.28 W/GH, NRE costs are down 35%, and our $/GH will remain excellent.

This is not to say that Scrypt is falling to the wayside; it’s still on the road-map.  For the moment, we’re consolidating our efforts to use our resources as effectively as possible.

In other news, we’re changing the nature of our future offerings.  Current investors are considered IPO virtual unit holders, and your dividends are supported by ProvASIC equity set aside to cover them.  In the future, we will be offering Hardware virtual units.  Hardware virtual unit holders can exchange their virtual units for current generation hardware, or hold on to their virtual units and receive a dividend from the sale that hardware.  Dividends do not consume the Hardware virtual unit, so the hardware virtual unit holder retains the option to exchange for current generation hardware at a later time.  IPO virtual unit holders will be given the option to exchange their units for Hardware virtual units. We expect the virtual units will change in value over time in proportion to the performance of each ASIC generation.

DataTank has certainly made a splash recently, and immersion cooling is very attractive.  We plan to get in touch with DataTank, to inquiry about design guidelines to make a product suitable for use in their cooling systems.  Additionally, we’re exploring options for consumer-grade immersion cooling solutions. 

That's our status for now.  Thanks again for your support!