Alphabet, the parent company of Google has decided to not to continue their experimental internet beaming balloon business, ‘Loon’ anymore. The Loon project was started with the mission to beam internet to all the poor network connectivity areas of the world especially the rural areas.
The cancellation comes after the reports that, the Loom project was not able to generate the cost enough to sustain the business. Earlier in November, “The Information” reported that, the Loon is going through financial troubles and its top executives were aiming to secure its second round of external investments.
Loon’s CEO Alastair Westgarth wrote in a blog post that, “While we’ve found a number of willing partners along the way, we haven’t found a way to get the costs low enough to build a long-term, sustainable business”. He also added, “Developing radical new technology is inherently risky, but that doesn’t make breaking this news any easier. Today, I’m sad to share that Loon will be winding down”.