Kickstarter Ossic X Goes Bust After Raising Over $5m In Crowdfunding

Posted: May 21 2018, 1:06am CDT | by , in News | Technology News

 
Kickstarter Ossic X Goes Bust after Raising over $5m in Crowdfunding

3D headset Ossic X will not become a reality.

Funding Kickstarter campaign is risky and requires a lot of patience. I'm still waiting for the ONO (OLO) 3D Smartphone printer. It's kind of hilarious how much time these guys spend on getting the UL certification, but the good news is that they are still in business. It's a different story with Ossic X. The Kickstarter for a 3D audio headphone just went bust.

After raising $2.7m from over 10,000 backers on Kickstarter and another $3.2m on Indigogo, the team behind the Ossic X posted this update on their Kickstarter page:

"Hello Backers,

It is with an extremely heavy heart that we must inform you that OSSIC is shutting down and will be unable to deliver the remaining OSSIC X headphones.

The OSSIC X was an ambitious and expensive product to develop. With funds from the crowdfunding 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.

Over the last 18 months, we have explored a myriad of financing options, but given VR’s slow start and a number of high profile hardware startup failures, we have been unable to secure the investment required to proceed.

This was obviously not our desired outcome. The team worked exceptionally hard and created a production-ready product that is a technological and performance breakthrough. To fail at the 5 yard-line is a tragedy. We are extremely sorry that we cannot deliver your product and want you to know that the team has done everything possible including investing our own savings and working without salary to exhaust all possibilities.

The OSSIC X was started as a campaign to create immersive and interactive audio. One of the biggest questions was, in a world of small earbuds and phone speakers, do people really care about great audio? Are they truly interested in the next generation of 3D audio? The success of the campaign was a resounding “YES” that has had a ripple in the audio industry.

We will forever be grateful to you and the team members, investors, and business partners who believed in us and helped give our dream a fighting chance. We were able to achieve some amazing things in an industry that was, and still is, ripe for innovation. Your voice of support throughout these past 2 years will continue to bring change to the industry, as bigger players than us refocus their efforts into better, smarter, and more immersive audio.

Thank you for all of your support, and we sincerely apologize that we could not deliver all of the headphones.

Sincerely,

- OSSIC Team"

The team has published more details on what they accomplished and why the cost of development mushroomed. Apparently, some backers got an Ossic X, but to fulfill the remaining orders another $2m would be necessary says the Ossic's team. It's not uncommon that Kickstarters fail.

The OSSIC X was supposed to be the world's first smart headphone that uses anatomy calibration to playback incredibly immersive 3D audio tailored to the way you hear the world every day.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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