Thursday January 12, 2017

Lily Drone Is Dead Despite $34 Million In Pre-Orders

Not that I have experience designing a drone and selling it to the masses, but is $34 million really not enough to get something like this off the ground? It sounds like they spent all the money on creating prototypes but did not set aside any budget for final production.

Lily Robotics stormed into the world with a follow-along camera drone that earned $34 million in pre-orders. But the company has now admitted that it can't deliver the product, and will wind down in the near future. In a blog post, co-founders Antoine Balaresque and Henry Bradlow explained that they've run out of money. The devices are, apparently, pretty much ready to go after lots of testing, but extensive R&D costs cleaned out Lily's bank accounts. That meant that there was no cash left over to fund the production run and outside investment was not forthcoming. Thankfully, the remaining money will be used to reimburse those people who pre-ordered the deviceآ…

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