Lily Drone is dead despite $34 million in pre-orders

Pre-order customers can expect a refund in the next 60 days.

Lily Robotics stormed into the world with a follow-along camera drone that earned $34 million in pre-orders. But the company has now admitted that it can't deliver the product, and will wind down in the near future. In a blog post, co-founders Antoine Balaresque and Henry Bradlow explained that they've run out of money.

The devices are, apparently, pretty much ready to go after lots of testing, but extensive R&D costs cleaned out Lily's bank accounts. That meant that there was no cash left over to fund the production run and outside investment was not forthcoming.

Thankfully, the remaining money will be used to reimburse those people who pre-ordered the device, so the blog post claims. If you still own the card that was used in the initial transactions, you don't have to do anything, but those who've switched will need to fill out this form.