Not good for those who crowd funded it and placed early orders …
“Lily, the company behind an autonomous camera drone that had amassed $34m (£27m) in pre-orders, has announced that it is shutting down. In an email to customers the start-up said it had failed to raise additional funds to start production of the drone.
It promised to reimburse all pre-order customers within the next 60 days. The waterproof drone was to be one of the first “throw-and-shoot” cameras that could track users and capture footage of them for up to 20 minutes.
“We have been racing against a clock of ever-diminishing funds,” wrote the company’s co-founders, Henry Bradlow and Antoine Balaresque, to customers. “Over the past few months, we have tried to secure financing in order to unlock our manufacturing line and ship our first units – but have been unable to do this. As a result, we are deeply saddened to say that we are planning to wind down the company and offer refunds to customers.”
Source: BBC
