Doppler Labs, a US-based wireless earbuds developer backed by Chernin Group, Universal Music, Live Nation Entertainment and William Morris Endeavor (WME), has closed down after failing to find new investors.
Founded in 2013, Doppler had developed wireless earphones called Here One that are controlled through a mobile app, letting users filter out specific sounds. However, the product suffered from delays and poor reviews due to its short battery life, leading to low sales.
Doppler looked to pivot to focus on the hearing aid industry with a new product, however it could not find investors willing to put up the $35m needed to develop it, according to Wired. It had raised more than $50m before closing its doors.
The company said in a statement: “Over the past months, we took hundreds of meetings in an attempt to secure the necessary capital to continue running our business and build our next product – which would have been a true alternative to traditional hearing aids.
“However, we could not find the needed capital to develop another complex hardware product.”
Doppler secured $17m in a July 2015 series B round featuring online media company Chernin Group, record label Universal Music, live event promoter Live Nation, talent and literary agency WME, Wildcat Capital Management and Acequia Capital.
Chernin Group also contributed to a $24m series B+ round in July 2016 alongside its CEO Peter Chernin and assorted angel investors. Doppler also closed a $635,000 crowdfunding campaign in July 2015.