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The statement on Segway’s website notes that a company backed by Jimi Heselden, a U.K. businessman and the chairman of Hesco Bastion, acquired Segway for an undisclosed amount on Dec. 24, 2009. Heselden is also an investor in the independent distributorship Segway U.K.
The news first leaked via a posting on a Segway users forum. According to a site administrator who was a stockholder in Segway prior to the acquisition, a letter was sent to stockholders stating that a company known as JWH Holdings Inc. acquired the company. The forum posting goes on to say that Norrod is no longer the CEO, which was confirmed this morning by Segway. That forum administrator has since confirmed via e-mail that what he posted is accurate.
Segway landed $5 million of Series D venture funding in April 2008, its most recently reported round. That brought the total raised in the company to $176 million over four rounds of funding. Previous investors include Credit Suisse Private Equity, Kleiner Perkins Caufield & Byers, DAG Ventures and Masdar. E-mail messages to Kleiner Perkins’ member of Segway’s board, John Denniston, were not returned early Thursday.
Segway was founded by N.H.-based inventor Dean Kamen, who developed the device and its ‘SmartMotion’ balancing and control technology. Kamen is the head of DEKA Research in New Hampshire and the founder of the science education nonprofit FIRST (For Inspiration and Recognition in Science and Technology).
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