Martian Watches has announced it is shutting down its operations  and closing its company. The decision comes after the Irvine, California-based firm failed to secure enough funding for its mVoice G2 smartwatch.

On Wednesday, Martian informed its backers of its decision via an update on its Kickstarter page. The update is strictly for backers only, but Android Police has obtained a copy of what it says from a tip.

“As we advised in this last update, it is with great sadness and regret that we have decided that we have no other choice but to shut down operations and close the company,” Martian stated in the update. “We truly believed, as did you, that we had a great project in the Martian Watches brand and we were very close to completion in order to distribute the Martian G2 watches.”

The company then explained that though it was able to raise $276,766 for the mVoice G2 device after deduction for certain fees toward the project, the amount wasn’t enough to complete the production of the smartwatch.

Martian managed to ship out 480 units to backers who chose the Sky and Lunar models last month, but that’s just about it. The company can no longer realize its goals for the project. “We were very excited, as were you, about the potential for the Martian G2 watches. Unfortunately, we are unable to come up with the total investment needed to complete the project,” the company said.

“This is obviously not the path we envisioned for the Martian watches but we have exhausted our options for raising the additional funds we need in order to complete the project. With no additional funding available, we have no other choice but to shut down,” Martian explained.

Martian Watches was founded in 2007. In 2012, the company launched the world’s first analog smartwatch with Voice command and Voice calling features. Martian prides itself on being the first one to put Siri and Google on an analog watch.

Backers who won’t be receiving the watches they paid for in October 2017 are encouraged to keep an eye on Martian’s Kickstarter page for more updates and information about their situation.

Martian Watches Martian Watches is folding its business. Photo: Martian Watches/Kickstarter