Ossic, a San Diego-based electronics startup, has officially announced that the 3D audio headphones project will be discontinued. The company’s failure to meet market demand was mostly due to a lack of funding.
Ossic The First to Admit VR Needs 3D Audio
In a recent letter, the company wrote that the Ossic X, an ambitious project boasted to be the union between virtual reality and unparalleled audio experience, will be canceled.
The apologetic letter, which bears the Ossic Team’s moniker talks about “high profile startup failures” and how the VR market’s volatility made it impossible for them to meet the public’s demand.
Interestingly enough, the company’s X project, which was launched at the beginning of 2016, was well-received. More than that, the California-based startup managed to raise almost $6 million from their Kickstarter and Indiegogo campaigns, and an undisclosed sum from a mysterious investigator.
Curiously, the company managed to ship its first pieces at the beginning of 2018. Although all 3D headphones fresh off the press were developer-orientated, the Ossic X project paid off.
However, mid-2018, the company hit a rough spot. Being unable to deal with the ever-increasing demand and already burning through most of its funds, the company decided to put an end to the project.
It’s not clear if reimbursement is in the books.
According to the above-mentioned letter, the Ossic team wrote about how additional funds might bring the project back on tracks, but it was never meant to be.
Several financial analysts familiar with Ossic’s failure declared that, in most cases, virtual reality-oriented startups have difficulties estimating costs. In Ossic’s case, the company’s downfall could have easily been the technology barrier – audio and virtual reality mashup.
In the beginning, Ossic declared that such a pair would have run for $1000, whereupon complementing existing virtual reality rendering systems.
Image courtesy of Ossic