The Singapore-based ‘3D’ headphones startup “3D” OSSIC X has shut down. The startup after raising $3.2 M and $2.7 M on Indiegogo and Kickstarter, and taking thousands of orders online, the company announced that it is being shut down.
It is still unclear whether the backers will receive any refunds or not at the stage. Ossic X aimed to bring the first 3D headphones to the market by this year mid. An official statement from the company read that it is out of money, and requires close to $2 million for the mass production of the first 3D headphones.
“The Ossic X was an ambitious and expensive product to develop. With funds from the crowd-funding campaign, along with angel investment, we were able to develop the product and ship the initial units. However, the product still requires significantly more capital to ramp to full mass production, and the company is out of money”, read a note on the company’s website.
The backers who bankrolled the company through the crowd-funding platforms are looking to file a legal lawsuit on Ossic X. As of now, only 250 units of high-end 3D Ossic X units have been shipped to few backers.