The company sent out an email which indicated that they looked to secure financing in the last 6 months to launch manufacturing on the long-awaited drone, but that in the end, their financing was declined. With money running out, and no way to get manufacturing off the ground, the founders decided that it was time to call it quits.
The good news, for those who pre-ordered the drone, is that the company has indicated that pre-orders will be refunded and within the next 60 days. That is always a major thing to worry about in cases like this (if refunds will be given) and in this case, we are happy to say it looks like the company is doing the right thing.
In the end, the Lily drone will go down as one of a long line of tech flops that burned hot and petered out before ever doing what they set out to do. The market caught up to the Lily in many ways, with DJI’sMaverik and GoPro’s Karma (even though that was a train wreck), and the company just wasn’t able to make it to the finish line.