Aufzugshelden: the story continues

In mid-August, Digital Spine – better known as "Aufzugshelden" (lift heroes) – filed for bankruptcy. But the story is set to continue: the Berlin-Charlottenburg district court, which is responsible for the case, is said to have approved managing director Simon Vestner's restructuring plan.

Not only the district court, but also all creditors have approved the restructuring plan, Simon Vestner told LIFTjournal. So far, Digital Spine has been financed by investors to the tune of 17 million euros. However, the shareholders were unable to agree on further capital increases, but there were no doubts about his business concept, emphasised Vestner. Sales increased by 300 per cent from 2022 to 2023 and in the first half of 2024.

In the future, Vestner wants to run "Aufzugshelden" as a sole company and finance it with his own funds. ‘I believe in the company the most and I am convinced that with data and artificial intelligence, we can create added value for everyone,’ says Vestner.

20 employees laid off

According to Vestner, the company has around 1,000 maintenance contracts, of which about 30 per cent were lost as a result of the insolvency. Before the insolvency, Digital Spine had 40 employees, 20 of whom had to be laid off.

According to the company, the core of the offer is the Aufzughelden box, which is directly connected to the lift control system. The company promises its customers to reduce maintenance costs, increase the availability of their lifts, make them fit for the digital future and thus significantly reduce operating costs. Digital Spine was founded in 2020.

The offer of the elevator heroes had caused a stir in the German elevator industry. In an interview with LIFTjournal, Vestner explained at the time that his offer would reduce the sales of maintenance companies, but increase their margins.

Insolvency: Dr Petra Hilgers, a lawyer, was appointed as the provisional insolvency administrator in August. The proceedings are pending at the District Court of Charlottenburg under the file number 36d IN 5648/24. ‘After negotiations as part of a process to find an investor for the entry of a new lead investor failed at the end of July 2024, the venture capital-financed start-up no longer had sufficient capital resources to cover its existing liquidity requirements, according to the management,’ according to a press release from the law firm Hilgers & Partner at the time.

More information: https://digitalspine.io/