This should not be viewed as a failure.

This is the nature of startups, even if you do every single thing right, work hard, manage the cash flow, innovate, etc., there is a more than 90% chance you won't get that billion dollar plus exit.

The only unique thing here is that Lytro got a lot of hype and raised a lot of money, so people naturally expected a unicorn.

What I am saying is these guys don't necessarily have anything to be ashamed of. In the worst case they gained a lot of experience that they can apply to their next idea.

That said, I am curious: Will the founders get ANY money out of it? A comment claimed that they raised $200 million at $360 million valuation, so theoretically they may end up with nothing.