Hyped Drone Company Lily Collapses After Failing To Raise Additional $15 Million

Lily Robotics, which promised a autonomous flying camera, is shutting down operations. Lily Robotics, the makers of an autonomous flying camera that launched with great fanfare and garnered $34 million in pre-orders, is dead. The San Francisco-drone company said in an email to customers that it was unable to find more financing to enable manufacturing and production of its first drone. One source that was informed of the company's troubles said that Lily had been trying to bring in an additional $15 million after having already raised $15 million by Dec. 2015. "We have been racing against a clock of ever-diminishing funds," wrote the company's cofounders Henry Bradlow and Antoine Balaresque.