Less than a year after receiving $29 million from venture capital investors, it appears that TrackingPoint is officially closing up shop.
After recent “corporate restructuring” and heavy layoffs in February, TrackingPoint has officially closed its doors, citing “financial difficulty” of an unknown cause. This is shocking news, particularly after reports last year estimated that the company was valued at nearly a quarter of a million dollars.
Self-described as “a group of technologists who love to hunt and shoot,” TrackingPoint is a company well known as pioneers of firearms technology. Their Precision-Guided Firearms, equipped with high-tech scopes and built with the same capacities for tracking and fire-control found in military fighter jets, can be used for everything from home defense to extreme hunting using a “tag and shoot” method.
The U.S. Army has even purchased some of the TrackingPoint fire control systems for military use. The goal of these weapons is to increase the shooter’s accuracy while tracking a moving target.
A former employee says that the company is “finished.”
It appears that likely everyone will be let go today as they will claim bankruptcy, so they don’t have to pay back that millions and millions that investors have dumped into this company.
With no word from the company’s officials, and no response from attempts to contact the customer service and PR departments by TTAG, it appears that we might not get a real answer as to what exactly has gone down over the past few months, or what the future holds for TrackingPoint.