The $24 million funding raise at Librestream shows that AR is gaining significant attention from investors keen on nurturing its application in remote assistance
➨ AR worker enterprise solutions provider Librestream has raised $24 million in series D funding
➨ The latest funding round takes its total raised to more than $55 million
➨ Librestream points to research from market intelligence firms such as Gartner that predict significant growth for immersive tech-powered remote assistance
Investors have signalled their belief in immersive tech as a valuable remote assistance tool with a $24 million series D funding round for AR worker enterprise solutions provider Librestream.
Taking Librestream’s total funding raised to more than $55 million since its launch three years ago, Canadian Business Growth Fund (CBGF), Export Development Canada and Pender Technology Inflection Fund, along with existing investors Emerald Technology Ventures and BDC Capital, have backed an immersive developer whose customer deployments have grown more than 250%.
Librestream plans to invest the funds in the advancement of its Onsight augmented worker platform, currently used by organisations in oil and gas, manufacturing, healthcare, aerospace, and military and defence.
It will also expand into the Asia Pacific and China, the Middle East, Africa and Latin America, after enjoying success in North America and Europe, and is eyeing a move into retail and greater use of its platform in healthcare.
In healthcare, Librestream has launched a telehealth solution in partnership with headset maker Vuzix, and thermal body temperature screening applications for worker safety.
Last year, Librestream teamed up with Samsung Electronics America to develop an AR solution for industrial workers in manufacturing, transportation and public safety.
Librestream points to research from market intelligence firms such as Gartner that predict significant growth for immersive tech-powered remote assistance.
“Digital transformation initiatives traditionally focused on digitising systems and assets, often leaving people out of the equation,” explained John Bishop, president and chief executive officer at Librestream, which instead focuses “on providing workers with a digital connection to information”, resulting in “safe, effective performance—whether on an oil rig, a manufacturing floor, or in an aircraft hangar”.
Bishop continued: “This new capital allows us to expand our reach to new markets and regions while broadening our leadership position. We thank our new and existing investors for their support of our vision of a digitally-enabled remote workforce.”
“We are excited to back John Bishop and the Librestream team,” said George Rossolatos, chief executive officer at lead investor CBGF. “Librestream pioneered the remote expert space and successfully demonstrated that its product offering improves the safety and operational efficiency of a global workforce.”
“As a result of the global pandemic, leaders are realising that a largely remote workforce will be the new normal. Librestream is particularly well positioned to help continue its growth moving forward.”
‘Invaluable in driving innovation’
The pandemic has proven to be a key driver in uptake of immersive tech for remote assistance.
Librestream recently launched a business continuity programme to assist organisations affected by lockdowns and restrictions.
Since March, Librestream tracked a 433% spike in usage globally and assisted hundreds of businesses, such as Safran Group, DNV-GL and Volvo Group, with their business continuity initiatives.
Tina Bender, manager of business systems and IT at Volvo Group, said: “Librestream’s strong partnership over the past four years, and especially during this pandemic, proved invaluable in driving innovation within our processes and service delivery.”
“The ability to remotely perform inspections has tremendous business impact from cost savings and productivity to improved customer service.”
“We are believers in Librestream’s vision for the augmented worker and are excited to see Librestream secure the financing to accelerate the vision of its leadership team.”
The attractiveness of AR as an investment opportunity is a sign that immersive tech is gaining a foothold in industries and businesses that could benefit from its use. Where will remote assistance go next with immersive tech behind it? Are we about to see an influx of investment in this space? Let VRWorldTech know via Twitter, LinkedIn, Facebook or email@example.com.