Exclusive: Auto startup Pearl shuts down

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.