Scope AR secures $9.7M to bring enterprise-ready augmented reality to workers
Enterprise-class augmented reality supplier Scope AR announced today the company has secured $9.7 million in an early-stage funding led by Romulus Capital.
Scope AR delivers augmented reality solutions for businesses, including an entire AR platform that enables technicians and workers to receive remote assistance in the field from experts in offices.
By using wearable AR headsets, an expert at a desk can see exactly what the technician sees and can “draw” directly over the worker’s vision. That means expert and specialized knowledge is even closer than before.
“Augmented reality is becoming an important tool for how knowledge is shared within heavy industry,” said Scott Montgomerie, co-founder and chief executive of Scope AR. “It allows workers to get the information they need, when they need it, in an intuitive way.”
The company will use this investment capital to scale up its existing platforms, services and products that use AR technology. Scope AR’s products are designed to assist with industries that are increasingly adopting complex machinery and systems.
Using the company’s AR products — WorkLink and Remote AR — workers in aerospace, consumer packaging and industrial manufacturing have put these remote expert services as part of real-world use cases.
Big industries such as Lockheed Martin, Unilever and Prince Castle have used Scope AR’s solutions to achieve measurable results that showed improvement in worker efficiency, reductions in equipment downtime and accuracy in repair issue diagnosis.
“Enterprises are now realizing that leveraging AR and other agile, remote software solutions can be the answer to many operational challenges they have always faced — from closing the growing skills gap to reducing downtime,” said Krishna K. Gupta, founder and general partner of Romulus Capital.
The current augmented and mixed reality industry reached an estimated $5.91 billion in market size during 2018 and is expected to exceed $198 billion by 2025, according to market analysis website Statista. A report from Market Study Report LLC cited the growing use of AR in construction and architecture, as well as the growth in popularity for AR smart glasses that continue to get easier to use and provide a high degree of convenience.
Montgomerie said he believes that this investment “underscores, yet again, that enterprise AR is a leading driver within mixed reality” thanks to the “growing list of use cases the technology enables.”
The Series A funding raises the total the company has secured to $15.8 million. This investment round was also joined by existing investors SignalFire, Susa Ventures, Haystack, New Stack Ventures, North American Corp. and Angel List.
Image: Scope AR
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