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Jawbone founder and CEO Hosain Rahman has started a new company called Jawbone Health Hub, which will work on medical software and hardware.

The company has raised money for the new venture, but it's unclear how much, the source said.

Despite shuttering the business, Jawbone believes it is still worth a significant amount of money due to its pending litigation with rival Fitbit, according to the source. As for Fitbit, its stock is trading at 52-week lows." data-reactid="25"Jawbone, which was once valued as high as billion by private market investors, is the latest pioneer of wearable electronics to throw in the towel.

Last year, smartwatch maker Pebble sold its assets to Fitbit in a fire sale.

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In a March news release, the company said it has struggled due to growing online shopping and direct-to-customer sales from vendors.

In a tweet on Thursday, he said the Madison store and a few others in Wisconsin will remain open.

r a liquidator bought the inventory, but new merchandise will be coming for the locations that remain open.

As for Fitbit, its stock is trading at 52-week lows.first to report the news of Jawbone's liquidation.

A Jawbone spokesperson declined to comment." data-reactid="26"The Information was the first to report the news of Jawbone's liquidation.

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