So it took them 1 year to shut it down ? Is that a quick failure ? Wonder why they didn't go any further. Was it Funding related ? Curious.
Kudos to the team - they might have been able to raise money to keep plugging away, but they've seen the writing on the wall.
I know nothing about their company or their team, but I do know that product-market fit is something you have, or you don't. There's no real middle ground, so if you don't have it, you need to madly iterate/pivot until you do, or cut your losses and move onto the next project.