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Librestream raises $24 million to accelerate augmented reality for industrial use cases

24 June 2020
Augmented realtiy in industrial uses has become even more important during the COVID-19 outbreak and Libstream will use its funding to expand its portfolio. Source: Libstream

Canadian-based Librestream has raised $24 million in capital funding to accelerate the market for its augmented reality platform designed for industrial use cases.

The new funding will be used to accelerate customer acquisition, expand geographic and vertical markets beyond North America and Europe, increase headcount and expand to verticals such as telehealth and retail in addition to its core industrial markets.

According to global research and advisory firm Gartner, augmented human and immersive experiences will be a top technology in 2020. By 2023, two of three large field service organizations will equip field techs with immersive applications for customer satisfaction and to improve efficiency, up from less than 1% in 2019.

The lead investor in this round of funding is Canadian Business Growth Fund, Export Development Canada and Technology Inflection Fund. With this new investment, Librestream has raised a total of $55 million.

Librestream’s technology allows users to remotely perform inspections in the field while communicating with others via augmented reality, walking them through repairs that need to be done or installing a part on a machine.

To contact the author of this article, email PBrown@globalspec.com


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