A London start-up developing the world’s first modular smartwatch has collapsed into liquidation owing creditors nearly £3m.
Blocks, a company that hoped to launch a smartwatch that could be taken apart with replaceable parts, raised more than £1m from 5,000 crowdfund investors in 2015.
Founded in 2014 by Imperial College students Serge Didenko and Alireza Tahmaseb, Blocks hit its original funding target of $250,000 in less than an hour on crowdfunding website Kickstarter.
Its watch included removable modules for heart rate monitoring, payments and GPS technology.
But the project quickly became mired in problems. In an update from its founders in December last year, Blocks admitted its project…