Scope AR Snaps Up $9.7 Million for the Expansion of AR Platform
While viable consumer-facing augmented reality with a mass appeal is still a distant dream, enterprise augmented reality is already a booming market that is finding use-cases in multiple industries.
It’s a living dream for many enterprises that may want to dip their feet into AR and one company that is riding on the strength of demand of enterprise AR products is enterprise AR supplier Scope AR which has just closed a $9.7 million Series A funding round, in an early-staging funding round that was led by Romulus Capital.
Scope AR is an augmented reality platform maker focused on delivering AR solutions for diverse businesses. Its products include complete AR platforms that make it possible for workers and technicians to get remote assistance from experts based in HQ while working on the field.
Through the use of wearable augmented reality, experts sitting at a desk in an office are able to get a realistic view of the technicians real-world view at their station of work in the field and thereby draw from the technicians’ visual experience to offer technical advice. This technology makes it possible for experts with specialized knowledge to easily collaborate with technicians working on the ground. When specialized knowledge is readily available, technicians are generally able to work with a great deal of proficiency, precision and efficiency thereby delivering stellar outcomes to clients and improving on productivity.
Over the past few years, augmented reality has grown into an indispensable tool for sharing knowledge within the heavy industry. AR platforms deployed in these environments facilitate the seamless sharing of information on a needs basis almost intuitively. Future production floors are increasingly going to rely on the efficiency and convenience of these augmented reality systems.
Scope AR will use the $9.7 million capital raised to scale up on its current operations, products and services that rely on augmented reality technology. The company’s products are geared at those sophisticated industries that are rapidly embracing complex machinery and systems in their operations.
Scope AR’s products such as Remote AR and WorkLink have been used by workers in light and heavy industries such as industrial manufacturing, consumer packaging and aerospace industries where they have helped in deploying remote expert services into the real-world use-cases. Some of the top players that have used Scope AR platforms include Unilever, Lockheed Martin and Prince Castle all of which have deployed the augmented reality technology to realize measurable results that include an uptick in worker efficiency, improvements in accuracy during repair issues diagnosis and reducing equipment downtimes.
Many enterprises are now leveraging augmented reality along with various other remote and agile software solutions in solving various operational challenges that range from reducing the downtimes in processes into closing the skills gap through fast and efficient AR-aided training.
The augmented reality and mixed reality industries were valued at approximately $5.91 billion in 2018 and the value is expected to rise to more than $198 billion by 2025 based on market analysis by the stats website Statista. A recent report by Market Study Report LLC also mentioned that AR is growing in importance in the construction industry and in architecture. The AR industry is also powered by the growth of the easier-to-use smart glasses that give users greater comfort and convenience.
Scope AR believes that the latest round of investments highlights the growing importance of enterprise AR as a major driver for mixed reality. This has primarily been due to the high number of use-cases the technology facilitates.
With the Series A funding, the company’s now raised $15.8 million for its AR investments. The latest round of funding was joined by a constellation of startup investors including Angel List, SignalFire, New Stack Ventures, Susa Ventures and Haystack.