Ollie, a startup that developed a privacy-focused artificial intelligence assistant, has announced plans to shut down its application on November 6, marking another setback for a young company operating in the competitive AI industry.
The company's co-founder and chief executive, Bill Lennon, announced the decision on Friday, expressing appreciation for the team, customers and investors who supported the business.
Ollie developed a subscription-based assistant designed to help families organise their everyday activities while placing significant emphasis on user privacy.
The application connected with email and calendar services and offered features involving appointment scheduling, meal planning and bill payments.
The startup had previously raised $7.5 million in seed funding led by Khosla Ventures.
Despite its ambitions, the company struggled to maintain its competitive position as more AI-powered assistants entered the market.
Lennon acknowledged that the company found it increasingly difficult to stand out, attract customers and secure the additional capital required to continue operating.
Customers are expected to receive instructions for exporting their information and obtaining applicable refunds.
The shutdown highlights the difficult economics of building consumer AI products, even when companies offer specialised features and strong privacy commitments.
