Lily Robotics, a startup that quickly amassed tens of millions of dollars in pre-orders from around the world following its release of a viral video showing its prototype of an autonomous flying camera in 2014, has filed for Chapter 11 bankruptcy protection. After close to three years, numerous loans and investments still could not help the company and its vendors build a drone that worked to the design's specifications.
The company promised refunds to those who pre-ordered the product. Because a working product was not produced and there is no inventory to sell, Lily Robotics is selling another asset to recoup as part of its bankruptcy - its patents and other intellectual property.
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