Essential Products is closing down.
The mobile hardware start-up - which was founded by Android co-creator Andy Rubin in 2017 - launched with a premium smartphone which didn't prove to be a hit with buyers, and despite once being valued at $1 billion with $330 million raised in outside funding, the firm is calling it a day after teasing a second phone, Project Gem, last year.
In a blog post, Essential said: "In October, we introduced Project GEM, a new mobile experience that our hardware, software and cloud teams have been building and testing for the past few years.
Our vision was to invent a mobile computing paradigm that more seamlessly integrated with people's lifestyle needs.
Despite our best efforts, we've now taken Gem as far as we can and regrettably have no clear path to deliver it to customers.
"Given this, we have made the difficult decision to cease operations and shutdown Essential."