(credit: Torquing Group)

The British drone startup that set a record for the most-funded European Kickstarter project earlier this year has now folded, according to a statement sent to backers on Wednesday.

Earlier this month, cofounder and CEO Ivan Reedman abruptly left Torquing Group, citing “personal well being troubles and irreconcilable differences.”

In January 2015, Torquing Group concluded its Kickstarter campaign to fund production of its handheld drone, known as the Zano, raising much more than £2.three million ($ three.4 million) in under two months.