Lily was unable to raise enough money for its autonomous camera drone, forcing the startup to return preorder revenue and shut down. The company did receive $34 million in preorders, but it needed to get another round of funding in order to enter production.
The decision to actually close and put an end to the drone project comes after delays. Lily's drone was originally supposed to arrive in summer 2016.
Those delays contributed to Lily's failure since it was no longer quite as unique. Other products entered the market with autonomous features while Lily was still trying to release its device.
Automatic refunds will go out to customers within 60 days.
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