Companies
Pearl Automation shuts down
Source: Axios
June 26, 2017 — Scotts Valley, CA
The Scotts Valley-based company came out of stealth mode a year ago, previously having raised $50M in funding
Pearl Automation, an automotive startup founded by former Apple engineers, has decided to shut down, Axios has learned from multiple sources. The move comes just a year after the company unveiled its first product, a wireless rear-view camera, which began to ship last September.
- What happened: Early product sales disappointed, which was exacerbated by a high burn rate.
- What next? The Pearl Automation team received several “acqui-hire” offers, but opted instead to shut down and part ways, according to a source close to the situation.
- Background: Pearl was founded in 2014 by three ex-Apple iPod engineers, and hired dozens of other ex-Apple employees. It eventually settled on the wireless rear-view camera as a first step in developing autonomous driving technology – and raised $50 million in VC funding from Accel, Shasta Ventures, Venrock, and Wellcome Trust.
Related link:
- https://www.nytimes.com/2017/06/26/technology/pearl-automation-founded-by-apple-veterans-shuts-down.html
- https://www.macrumors.com/2017/06/25/pearl-automation-shuts-down/
- http://www.businessinsider.com/pearl-automation-ex-apple-engineers-reportedly-closes-down-50-million-2017-6
- http://appleinsider.com/articles/17/06/26/apple-connected-pearl-automation-shuts-down-after-low-sales-of-rear-view-camera
- http://oianews.com/automotive-accessory-startup-pearl-is-shutting-down
- https://www.macobserver.com/news/pearl-automation-rearvision-close/
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Tagged Pearl Automation Inc.
