Back in 2015, we covered the announcement of one particularly ambitious drone project's flagship product. Created by drone start-up Lily, the cute little device by the same name set out to revolutionize the industry with an impressive list of unique features - some of which had never been seen before.

In addition to boasting "throw & go" (no remote needed) technology, the Lily drone was supposed to be fully waterproof, have 20 minutes of flight time and be capable of shooting HD (1080p at 60 FPS) video - all while intelligently following the user as they surfed, snowboarded, went kayaking or performed any number of other extreme outdoor activities.

If all of that sounds a little too good to be true, that's because it was.

Though the start-up was able to successfully raise money through both venture funding and crowdfunding efforts, it was ultimately not enough to finance large-scale drone production. As a result, the company was forced to offer full refunds to many angry backers and the project ultimately flopped.

However, the Lily project was recently revived by Mota Group, a company best known for selling both commercial and high-end consumer drones. After purchasing the Lily brand name and the failed start-up's former customer list, Mota Group has now created a much less interesting version of the original drone - named "Lily Next-Gen".

Despite boasting a few improved features like 4K video recording capabilities, the new Lily is lacking a number of the original's most iconic features such as smart follow technology, waterproofing and extended flight time.

If you're interested in grabbing a Lily Next-Gen for yourself, the drone is available now in two different packages - a $499 (discounted from $600) standard package and a $799 (down from $900) "fully loaded" package. Aside from the inclusion of a standalone remote (which ships separately) and a portable carrying case, the packages are otherwise identical.