Jun 26, 2017

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.

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  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
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