Librestream, an enterprise-focused AR company, today announced it’s raised a $24 million Series D financing round. The Winnipeg, Canada-based company says the funds will be used to expand its ‘Augmented Worker’ services into Asia, the Middle East, Africa, and Latin America.
The Series D was led by Canadian Business Growth Fund (CBGF), and joined by Export Development Canada (EDC), Pender Technology Inflection Fund, Emerald Technology Ventures, and BDC Capital.
In addition to its expansion into new regions, the company says it will also be moving into the telehealth and retail fields, and hire 50 percent more staff over the next 24 months.
The company’s Onsight augmented worker platform is aiming to meet the needs of remote workforces by integrating smartglasses and AR headsets into industrial applications such as working on oil rigs, manufacturing floors, or aircraft hangars.
With Onsight, Librestream says workers can collaborate with remote experts, share live visuals, talk and view feedback onscreen, while freeing-up their hands for work.
“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,” says Tina Bender, Manager Business systems & IT at Volvo Group. “The ability to remotely perform inspections has tremendous business impact from cost savings and productivity to improved customer service.”
Founded in 2003, the company’s Series D brings its overall financing to over $55 million, with its penultimate round arriving in mid-2016.