The mini-drone project, which was one of Europe’s most successful Kickstarter ideas, has been shut down by the company behind it.
Despite raising over £2m which was provided by more than 12,000 backers, the project was known to be in trouble.
Torquing released a statement to backers of the project, saying: “Having explored all options known to us, and after seeking professional advice, we have made the difficult decision to pursue a creditors’ voluntary liquidation.”
As a result, thousands of people who invested in the project through Kickstarter will not receive the device they had paid to support. Creditors will be contacted by an insolvency practitioner, according to a message sent to them by Torquing.
Torquing’s statement also added: “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.”
Although it had not yet been distributed to its Kickstarter backers, the devices were already in production.
The mini-drone would have been controllable via a smartphone app, and would have been able to follow users as they moved around outdoors. However, the function was not working fully when the BBC visited Torquing in August.
The news has already been met with dismay by people on social networks, with many disappointed backers complaining about the unreliability of Kickstarter projects.