Jawbone, a fitness tracker and consumer electronics manufacturer, has begun liquidation proceedings after its fitness trackers failed to garner consumer interest, according to multiple reports.
In 2014, Jawbone was valued at $3.2 billion after raising more than $900 million in investments from several venture capital firms and a sovereign wealth fund, according to the reports.
In 2016, the company sold its wireless speaker business to focus on fitness trackers, however, the devices were impacted by a number of product failures and manufacturing setbacks, according to reports. The company is also still embroiled in a long-term legal battle with Fitbit in which both companies claim the other infringed on a number of design patents.
Jawbone CEO, Hosain Rahman, is said to have recently founded Jawbone Health Hub in order to focus solely on the health market, and is said to have brought with him a number of employees. However, reports noted that Jawbone has gone silent and customers are unable to receive refunds for their now out of service fitness trackers.
Jawbone officials were not immediately available for comment.