Apple co-founder Steve Wozniak has closed down Wheels of Zeus (wOz), a business he formed in 2002.

He had hoped to develop an affordable consumer GPS system. "With our GPS tags and location system, you can accurately and efficiently pinpoint and determine the status of people or assets," said the company on its website.

Wozniak is one of three founders of Acquicor Technologies, which he co-founded with Gil Amelio and Ellen Hancock.

Wheels of Zeus is backed by $6 million in venture capital funding from Mobius Venture Capital, Draper Fisher Jurvetson, and Palo Alto Investors. Greg Galanos, managing director of Mobius, will serve on wOz's board, along with Tim Draper, the founder and managing director of the firm that bears his name.