Smart lock company Otto is suspending operations after a failed acquisition agreement. In a blog post late last year, CEO and founder Sam Jadallah says the company made an acquisition deal that limited its ability to fundraise, but the buyer pulled out at the last minute, leaving Otto with no remaining cash. The first locks were supposed to ship within the next few weeks, but “Otto will not ship next month and it may never ship,” says Jadallah. The company will “evaluate [its] options” for moving forward in the coming weeks.
The Otto Lock was pitched as a tiny and stylish, but very expensive, smart lock. It sold for $699, and was intended for wealthy homeowners. Despite this limited niche, Jadallah told TechCrunch that Otto didn’t...
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