Germany-based Twinner, which developed scanning technology to create digital images of the interior and exterior of cars, is shutting its doors after failing to find new investment for its insolvent business.

Twinner’s technology builds a “digital twin,” a virtual representation of a physical asset that can mimic the condition of its real-world counterpart. According to the company, it scans vehicles and creates an identical data record that allows cars to be “inspected, bought and sold online anytime and anywhere.”

“In the last six months, we reached out to over 200 strategic partners across the globe. Without success. The last two months, everybody has been working frantically to find a smaller solution so that the mission can live on. Without success. While it’s hard to accept it, Twinner needs to abort its mission and sunset its activities,” the company stated.

Founded in 2017 and headquartered in Halle, Twinner had raised $100 million U.S. and partnered with car-auction site CarSale24 to offer a digital process for car sellers and opened two subsidiaries in Hungary. At its peak, it had 150 employees. However, that figure had dwindled to 18 by this year.

At the beginning of 2024, Twinner had 16 scanners operating in car dealerships across Germany.  “For some customers who want this, Twinner ensures the operation of their scanners for another two-to-three months,” said Rajko Dambeck from the law firm Flöther & Wissing, which handled the company’s insolvency proceedings.

“We can not help but see Twinner for more than a failed moonshot. We want to believe that the last seven years have furthered the technological frontier. We believe that someday, sometime, somewhere, someone will build on the hard-earned pioneering work by all Twinner stakeholders,” the company said in its farewell LinkedIn post.

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