Lily Camera RIP : Company files for bankruptcy after taking in $34 million dollars in pre-orders and investments

Directnic

Lily Robotics, a start-up operating from the domain Lily.Camera, has filed for bankruptcy, having taken in more than 60,000 pre-orders that were never shipped.

After seed investors poured in millions of dollars in funding, the company started taking in discounted pre-orders for a revolutionary drone that possessed advanced navigation capabilities.

The footage, however, was shot with a more advanced drone carrying a GoPro camera, which was deceptive. More than $34 million dollars and two years later, not even a single order was shipped.

In January, the San Francisco District Attorney’s office filed a lawsuit, after raiding the offices of the company:

“It does not matter if a company is established or if it is a startup . Everyone in the market must follow the rules. By protecting consumers, we protect confidence in our system of commerce.”

At the same time, Lily Robotics co-founders Antoine Balaresque and Henry Bradlow failed to mention the lawsuit in their blog post about shutting the company; they claimed they had been seeking additional financing to supply customers with their orders.

On March 13, 2017, the Debtors filed a motion to sell substantially all of their assets.  The Bankruptcy Court will hold a hearing to consider bidding procedures in connection with such sale on April 25, 2017.

Lily camera : Just a prototype that never delivered.

Numerous complaints about the lack of any delivery can be found on the Internet, made by buyers who are afraid they might have lost their money for good.


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