JooJoo is pronounced "joujou" in French, which is the diminutive form of "jouet", a toy. This form is only used when referring to the toys of little kids up to 7 year old. $500 for a little kid toy? Not for me, sorry.
They are definitely missing the TechCrunch ad agency now to not make such a basic check.
The name sounds _exactly_ like 'little kid's toy' in French, so, indeed, it follows that it will carry those connotations to French speaking people (you're not one, I'm guessing). Shakespeare may have found a rose by another name smelling just as sweet, but in the centuries since his time we've learned that varieties called 'poo-poo' just don't sell at the garden center.
That's an urban legend, kind of like saying a dinette set called "Notable" would flop in English speaking countries because we would assume it has "no table".
That same french term became synonymous with supernatural fetishism in the US (via west african slaves) and was turned into "juju", which is almost always preceded by the word "bad" as another way of saying bad luck or a feeling of impending doom....
Same way with softimage back in the day. It is pronounced softimazh, but it took bazillion of dead trees and marketing to explain to users how it is pronounced. You're doing something wrong if you need to use dictionary explanation in your marketing material imo.
They are definitely missing the TechCrunch ad agency now to not make such a basic check.