Exclusive: Auto startup Pearl shuts down
Courtesy of Pearl Automation
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.