UK’s startup which collected $3.4 million on Kickstarter collapses after failing to deliver dronesIn a Wednesday statement sent to backers, the company wrote:
Torquing troubles began earlier this month when cofounder and CEO Ivan Reedman abruptly left the company citing “personal health issues and irreconcilable differences.” For the uninitiated, Torquing Group raised around $4.3 million in January 2015 through a Kickstarter campaign to fund production of its handheld drone, known as the Zano. It was able to find backers for its Zano drone within two months. To date, Torquing Group has only shipped 600 of the more than 15,000 drones ordered.
In a Wednesday statement sent to backers, the company wrote:
The company website appears to be offline, while the Twitter feed has not been updated since earlier this month. 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. It remains to be seen whether Zano backers will be able to recover the money they had given to Torquing.
