Not every project that does well during its initial makes it. There are quite a few stories that reiterate this fact and the latest is that of the Lily Drone. The project raised some $34 million in investment but it won’t become a reality. It wasn’t actually launched through a crowdfunding campaign, this money was brought in through early pre-orders. Customers have received emails today confirming that the project has ended. They will now find solace in the fact that their money will be refunded.
The founders of the Lily drone have made the tough decision to cancel the project after they failed to secure additional funding for it.
Founders Antoine and Henry wrote in their email that the team has been working hard for more than three years to create a flying camera. While they were delighted by the steady advancements in the quality of their product, they have been racing against the clock of “ever-diminishing funds.”
They have not been able to raise additional funding and as a result of this, have decided to wind down the company and offer refunds to customers. The founders finally confirmed the fate of the project following months of silence on the state of its product. Backers were understandably getting concerned and they will surely not be happy about this.
More details about the refund process are available on Lily’s official blog.
Filed in Drones.. Read more about