Headphone Company Disappears After Raising $3.2 Million for 3D Audio Headphones

Crowdfunding can work wonders for projects in need of extra cash. However, crowdfunding can also crash and burn when promises aren’t kept. Such is the case with start-up company Ossic, who raised $3.2 million for 3D audio headphones… before disappearing.

Ossic launched Kickstarter and Indiegogo campaigns in late 2016 to raise money for their Ossic X headphones. Marketed as 3D audio headphones perfect for VR, the headphones seemed like a revolutionary concept. Via their fundraising campaigns, $3.2 million was eventually raised to develop and sell the headphones. Ultimately, they received more than 22,000 pre-orders for the headphones.

Fast forward to this week, and the start-up has announced it will be shutting down without giving out refunds. In January, Ossic claimed they shipped out the first set of headphones to backers in the $999 developers tier and that they would enter mass production by late spring 2018. Despite the claim, only 250 headphones were built and shipped out to a few dozen backers.

While crowfunding backers sign-up for campaigns knowing the risks, this is a huge failure on Ossic’s part. A Facebook group with nearly 3,000 members is looking into filing a class-action lawsuit. It remains to be seen what happens, but we hope for the best for all backers.

 

H/T: TechCrunch

This article was first published on Your EDM. Source: Headphone Company Disappears After Raising $3.2 Million for 3D Audio Headphones

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