Selfie Drone Zano Crashes and Burns

If Europe ever adopts a universal language, the word for “failure to launch” will likely be “Zano.”

Europe’s most well-funded Kickstarter project suffered yet another setback in an unfolding tragedy of Shakespearean proportions that has skewered the much anticipated selfie drone project.

The crowdfunded wunderkind of Welsh start-up Torquing Group Ltd, has been plagued with delivery delays and the selfie drone project looked ready to crash and burn last month after CEO and co-founder Ivan Reedman resigned. Now, it appears that the drone project may face the scrutiny of British regulators.

Last week, the BBC reported that the company is shuttering its Zano project and is now under investigation by the Trading Standards division of Pembroke Council, the governing body of the Welsh town where Torquing is based.

In an investors’ statement released last week (obtained by the BBC), the company said:

“Having explored all options known to us, and after seeking professional advice, we have made the difficult decision to pursue a creditors’ voluntary liquidation …We are greatly disappointed with the outcome of the Zano project, and we would like to take this opportunity to thank everyone who has supported us during this difficult period, especially our loyal employees, whose commitment has exceeded all expectations.”

Described in its 2014 Kickstarter page as an “ultra-portable, personal aerial photography and video capture platform” capable of autonomous flight, Zano retailed at $300 and stunned the crowdsourcing world by raising $3.4 million in two months.

Responding to media inquiries about the failure of Zano, Kickstarter stated: “Creators on Kickstarter have a remarkable track record, but there are no guarantees that a project will work out.

“If a creator can’t complete a project as promised, their contract with backers requires them to bring the project to the best possible conclusion, as detailed in our Terms of Use.”