The company had raised about $50 million from investors, including Venrock, Accel and Shasta Ventures, but it needed several hundred million dollars more to develop the market for its rear-facing camera, as well as a forward-facing camera that was in development. With about 75 employees, about 50 of whom had worked at Apple, the company was burning through cash at a rate that venture investors were unwilling to continue funding without a clear path to a hit product.

It was an ambitious and risky proposition from the beginning, with some great vision to try to revolutionize the automotive aftermarket, said David Pakman, a partner at Venrock who oversaw the Pearl investment. They are extraordinary product people, but none of us understood the market correctly.

Pearls failure was first reported by Axios.

Mr. Gardner said that Pearl held talks with several potential acquirers in the automotive industry but could not reach an agreement. It did find a company, American Road Products, to take over its RearVision backup camera so current customers will not be left in the lurch.

While the company has failed, its employees are already fielding job offers. Brian Latimer, a program manager at Pearl who had previously worked at Apple, said that the employees liked working as a team and that some of them were trying to sell themselves as a package to a new employer.

Were trying to keep the band together, he said. Were incredibly effective.

Read more here:

Pearl Automation, Founded by Apple Veterans, Shuts Down - The ... - New York Times