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. <\/p>\n
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. <\/p>\n
Pearls failure was first reported by Axios. <\/p>\n
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. <\/p>\n
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. <\/p>\n
Were trying to keep the band together, he said. Were incredibly effective. <\/p>\n
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Read the original: <\/p>\n
Pearl Automation, Founded by Apple Veterans, Shuts Down - The ... - New York Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 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. Continue reading