Augmentir, a provider of enterprise augmented reality (AR) software for frontline workers, is planning to enter new sectors following the closure of its funding round.
Pritzker Group Venture Capital, Lerer Hippeau, current investors and HOLT Ventures, the strategic venture capital arm of authorised Caterpillar heavy equipment and engine dealer HOLT CAT, participated in the oversubscribed funding round. Figures were not disclosed.
Augmentir, which launched last year and is based in Pennsylvania, rolled out its flagship platform Augmented Operations in March.
The platform combines enterprise AR with artificial intelligence (AI) and machine learning to give frontline workers interactive guidance, on-demand training and remote expert support, all of which can be personalised for the individual and fed back to the wider organisation for continuous improvement.
Augmentir has enjoyed initial successes in the manufacturing and industrial markets, with HOLT CAT’s Caterpillar dealership already using its platform. With its new funding, the company plans to expand into oil and gas, mining and field service.
Russ Fadel, co-founder and chief executive officer of Augmentir, said the closing of its funding round “further validates our unique AI-first approach to improving the productivity of frontline workforces”.
He continued: “This funding will enable us to expand our global footprint, further increase the functionality of the platform, and make it even more accessible to companies across the small, mid-sized and large spectrum, and we look forward to reaching even more companies while defining the future of work.”
Meg Paulus, partner at HOLT Ventures, added: “We are excited to be working with Augmentir and believe that the platform provides our Caterpillar dealership with the opportunity to standardise our workflow across multiple operations in order to deliver improved consistency to our customers.”
“Augmentir’s AI engine will help us gain better real-time and global insights to our operations to drive increased efficiency and technician training and enablement throughout our territory which spans from the Red River to the Rio Grande.”
Ty Findley, vice president at Pritzker Group Venture Capital, said his firm is “excited to be working with a company that is accelerating the industrial sector evolution using AI and AR to support frontline workers”.
He added: “From founding efforts at Wonderware, Lighthammer, and ThingWorx, the Augmentir team has a proven track record and domain experience delivering software innovation to the manufacturing and industrial market, and we are eager to participate as Augmentir continues to shape the frontline workforce of the future.”