Novello Technologies, Ltd. was a company that attempted to crowdfund the development of Bitcoin mining hardware via the crowdfunding platform Indiegogo, starting June 3rd, 2014, with a goal of $4,200,000
Soon after it was announced, concerns regarding the viability of the project were raised at the BitcoinTalk Forum.
On June 12th, 2014, Novello Technologies posted on the BitcoinTalk Forum that they would be issuing refunds.. On June 13th, 2014, Novello Technologies issued an e-mail to supporters of the crowdfunding campaign that the crowdfunding goal was unlikely to be attained and noted the plan for refunds as well
Due to the nature of the crowdfunding campaign's funding method - flexible funding - any funds received by Novello Technologies would remain theirs to keep regardless of the outcome of the project. On July 8th, 2014, the campaign ended with approximately $6,000 in funds.
On August 5th, 2014, refunds were issued through Indiegogo.
On August 11th, 2014, Novello Technologies issued an e-mail to supporters of the crowdfunding campaign that they would change their business model to perform in-house hashing using custom hardware only, to come online 'about 1 year from' the time of the e-mail.
No new information has appeared since that time, and as of March 24th, 2014, their website is defunct.