Japanese flying bike startup A.L.I. Technologies files for bankruptcy

A Japanese startup known for developing hover bikes inspired by “Star Wars” has filed for bankruptcy with ¥1.17 billion of debt, according to a report by credit research firm Tokyo Shoko Research.

Tokyo-based A.L.I. Technologies had aimed to play a key role in an expected “air mobility society” and raised its profile with its drones, artificial intelligence and flying bikes, but apparently struggled to secure the necessary cash to maintain its business.

Last week, bankruptcy proceedings against A.L.I. Technologies began at the Tokyo District Court, with the startup having filed for bankruptcy on Dec. 27, the Tokyo Shoko Research report said.