Key Takeaways:Aescape had been positioned as a pioneering player in the convergence of wellness and automation for its robotic massage technology.The company entered insolvency proceedings following the sale of substantially all of its assets and escalating financial pressures.Founder Eric Litman left the company earlier this year and launched a new startup, Healthspanners, in March.Aescape has filed for insolvency following the sale of substantially all of its assets and escalating financial pressures.WHO: New York City–based Aescape redefined the massage and wellness category through intelligent technology. Using advanced AI technology, the company delivered the world's first fully automated, customizable massage experience for personalized wellness and recovery that mimics human touch. Collecting 1.1M+ data points through a body scan, Aescape’s fully automated, AI-driven massage table delivered targeted bodywork, adapting to user preference. Founded in 2017 by four-time entrepreneur Eric Litman, Aescape brought together expertise from industry-leading brands like Amazon, Apple, Fitbit, MakerBot, Uber, Peloton, Tonal, and more.WHY: According to the filing, the company’s financial position deteriorated under the weight of “very high capital investment and expense burdens” tied to the company’s transition from a development-stage startup into commercial operations, including high operating costs, capital expenditures, and debt obligations. All of the company’s assets were sold earlier this year through a foreclosure process.IN THEIR OWN WORDS: “As a result of the foreclosure, Aescape was rendered an assetless shell,” the filing states.