The premise is simple: attach the GPS tracking device to yourself, then throw the drone up in the air and it will start recording video, using the tracker to know where to go and where to point its camera.
The drone seems to be aimed at taking a bite out of the GoPro market, with a focus on extreme sports photographers and videographers.
You can see more about how it works and view some sample footage in this demo video:
Lily carries a camera that shoots 12-million-pixel stills and 1080p HD video at 60fps, with also the capacity to shoot 720p/120fps slow motion footage. The camera also comes equipped with image stabilisation.
One charge of the built-in lithium-ion battery will allow for for 20 minutes of flight.
Lily is also waterproof, allowing for relatively worry-free flights over water. It can reach a maximum altitude of 50ft (15m) above head, and minimum of 5ft (1.75m). Its maximum speed is 25mph.
You can currently pre-order Lily for $499 plus shipping.