Wearable technology pioneer Jawbone Inc. is soon to be no longer.

According to reports, the once-high-flying maker of Bluetooth earpieces and other wearables and devices is in the process of liquidating its assets while founder and Chief Executive Officer Hosain Rahman has started a new company called Jawbone Health Hub.

Despite sharing a common name, the new startup will work on medical software and hardware and apparently has already raised venture capital funding. It’s also said to include “many Jawbone employees” and intends to service existing Jawbone products once the original company concludes its liquidation.

Problems at Jawbone first came to attention in May last year when it exited its core businesses in one final attempt to bring a “Hail Mary” medical device to market. At the time, reports said Jawbone had stopped making its UP fitness trackers and had sold its remaining inventory to a third-party reseller in an effort to raise operating funds. It was also attempting to sell its Bluetooth speaker business.

The Hail Mary Jawbone was reported to be looking at building at the time was described as a “clinical-grade health tracking device related to heart monitoring,” which would appear to be what the new Jawbone Health Hub company is working on.

Jawbone’s failure follows in the wake of the also once-popular wearables maker Pebble Inc., which was sold to and then closed down by Fitbit Inc. in December 2016 in a deal worth less than $40 million.

Valued at $3 billion at its peak, Jawbone managed to burn through $890.8 million prior to liquidation from a Who’s Who list of investors that included Andreessen Horowitz, BlackRock Private Equity, Deutsche Telekom, Kleiner Perkins Caufield & Byers, Mayfield Fund, Sequoia Capital and many others.

Photo: djkeino/Flickr