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Holoride, the Germany-based startup bringing XR entertainment to car passengers, has filed for bankruptcy, citing the inability to secure its latest investment round.

In a LinkedIn post, Holoride CEO & co-founder Nils Wollny reveals the company’s latest investment round “appeared secure,” however it fell apart at the last minute.

“Despite the lead investor’s conviction, the negotiated term sheet, finalized contracts, and scheduled notary appointment, the LP funds failed to arrive on time,” Wollny maintains.

The company’s most recent funding round was in December 2021, which was an undisclosed amount led by Vendetta Capital.

In reflection, Wollny says Holoride was “early, imperfect, and made mistakes,” however has created “some remarkable tech” over the years.

“I’m grateful for our dedicated and talented team, united behind holoride’s vision. Together, we view the coming weeks of the preliminary insolvency process as a chance for a reset with new investors or owners,” Wollny says. “Witnessing our team huddle, hustle, and have fun amid the challenges fills me with optimism. I am sure we’ll emerge stronger from this period of restructuring. It will be intense, but I eagerly anticipate the journey ahead.”

Co-founded by Audi in 2018, Holoride connected XR headset-wearing car passengers with with motion and location-aware vehicle data, allowing bespoke XR content to match up with the physical world. The company still sells its consumer-focused kit, which bundles in an HTC Vive Flow, puck-like device to translate car movement to the headset, gamepad, and three months of its game subscription service.