Skully, the US-based augmented reality (AR) motorcycle helmet manufacturer backed by semiconductor producer Intel, has shut down, TechCrunch reported on Wednesday.
The news follows the departure of co-founder and CEO Marcus Weller last week after ongoing disagreements about the future of the company. Weller has refused to sign a confidentiality agreement with investors following his decision to leave.
Skully had developed a motorbike helmet with an integrated AR display that would have offered drivers GPS navigation, a wide-angle rear-view camera to eliminate blind spots and the ability to take phone calls through bluetooth. The shutdown leaves more than 3,000 pre-orders unfulfilled.
Accounts as to what happened ahead of the decision to cease operations differ: one version states Weller botched an acquisition offer made by sports streaming platform LeSports, while another claims he did not and that the purchase might still go through.
Weller himself says investors were unhappy with the offer, choosing instead to try and raise a series B round.
Carlos Rodriguez, vice-president of marketing at Skully, told TechCrunch the executive team is working on closing a funding round. That same team claimed earlier that existing investor Intel Capital was contributing, which the corporate venturing division has denied.
Skully raised an $11m series A round co-led by Intel Capital and Walden-Riverwood Ventures in February 2015 that also included Formation 8, Techstars, Eastlink Capital and Western Technology Investments. The series A round included $2m in seed capital.
Skully also secured $2.4m in a crowdfunding campaign in 2014, breaking through its $250,000 target.