Jawbone, the consumer electronics firm once valued at $3 billion, is going out of business. The company has begun liquidation proceedings, after years of financial pressures, according to a person close to Jawbone. 

Jawbone co-founder and CEO Hosain Rahman has founded a new company called Jawbone Health Hub that will make health-related hardware and software services, according to the person. Many employees of Jawbone moved to the new firm earlier this year, the person said. Jawbone Health will service Jawbone’s devices going forward, said the person.