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Lily The Autonomous Camera Drone Shuts Down Due To Production Issues
TIN news: Lily, the autonomous camera drone announced that it is shutting down after selling products worth $34 million in preorders.
Company titled the announcement “the adventure comes to an end”. The company’s announcement letter noted that “In the past year, the Lily family has had many ups and downs. We have been delighted by the steady advancements in the quality of our product and have received great feedback from our Beta program. At the same time, we have been racing against a clock of ever-diminishing funds”.
Lily’s walked down the steps slowly. The startup had issues with shipping products in time in the past, first in summer 2016 and then in early 2017. In a round of Series A Lily secured about $14 million from major investors such as SV Angel, Spark Capital and etc. This money was supposed to help Lily in drone production.
Lily was one of a kind when it was originally announced. It was the first autonomous AI-assisted drone that was supposed to change the world of photography. It was all good until Lily faced troubles in getting the products out in time. Meanwhile another drone such as Hover and DJI developed autonomous flight modes for Phantom and Mavic.
Lily also plan to completely refund the 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” the company’s announcement letter added.
Companies like Lily shutting down is only going to make it harder for hardware startups to win over early adopters and backers online. Lily tried to keep the hopes up, by sacrificing investor’s capital; in order to issue refunds which will not completely disappoint the customers. Reports TechCrunch.
“After so much hard work, we are sad to see this adventure come to an end. We are very sorry and disappointed that we will not be able to deliver your flying camera, and are incredibly grateful for your support as a pre-order customer. Thank you for believing in our vision and giving us the opportunity to get this far. We hope our contribution will help pave the way for the exciting future of our industry”, The announcement letter which was signed by Antoine and Henry Lily’s Founders.
Company titled the announcement “the adventure comes to an end”. The company’s announcement letter noted that “In the past year, the Lily family has had many ups and downs. We have been delighted by the steady advancements in the quality of our product and have received great feedback from our Beta program. At the same time, we have been racing against a clock of ever-diminishing funds”.
Lily’s walked down the steps slowly. The startup had issues with shipping products in time in the past, first in summer 2016 and then in early 2017. In a round of Series A Lily secured about $14 million from major investors such as SV Angel, Spark Capital and etc. This money was supposed to help Lily in drone production.
Lily was one of a kind when it was originally announced. It was the first autonomous AI-assisted drone that was supposed to change the world of photography. It was all good until Lily faced troubles in getting the products out in time. Meanwhile another drone such as Hover and DJI developed autonomous flight modes for Phantom and Mavic.
Lily also plan to completely refund the 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” the company’s announcement letter added.
Companies like Lily shutting down is only going to make it harder for hardware startups to win over early adopters and backers online. Lily tried to keep the hopes up, by sacrificing investor’s capital; in order to issue refunds which will not completely disappoint the customers. Reports TechCrunch.
“After so much hard work, we are sad to see this adventure come to an end. We are very sorry and disappointed that we will not be able to deliver your flying camera, and are incredibly grateful for your support as a pre-order customer. Thank you for believing in our vision and giving us the opportunity to get this far. We hope our contribution will help pave the way for the exciting future of our industry”, The announcement letter which was signed by Antoine and Henry Lily’s Founders.