In the business world, companies fail all the time, and startups are no exception either. Ossic is the latest startup to make the headlines after announcing over the weekend that the company is shutting its door. The audio startup had successfully raised $3.2 million through Indiegogo and Kickstarter campaigns to produce their high-end "3D sound" Ossic X headphones. The headphones, which costed between $199 to $299, incorporated special head-tracking technology to deliver surround sound in VR environments. Apparently, they were also capable of determining the shape of the user's ears and customize the sound profile to match the user.

Ossic had received over 22,000 pre-orders over the company's life. Unfortunately, the company only managed to produce 250 pairs of their Ossic X headphones and delivered around a dozen of them to Kickstarters. As the well has run dry, Ossic has no other alternative but to cease operations. Kickstarter backers are extremely angry - and with right as they will not receive their headphones or refunds. A Facebook group with over 2,500 members threaten to pursue a class action lawsuit against the company.