Industrial Augmented Reality Company Librestream Raises $24 Million to Expand
Story by: Vishnu Rajamanickam @ FreightWaves
Canadian augmented reality worker enterprise company Librestream announced that it has raised $24 million in Series D investment, taking its total financing to over $55 million. Canadian Business Growth Fund (CBGF) led the investment round, which saw participation from new investors Export Development Canada (EDC) and Pender Technology Inflection Fund, as well as existing investors including Emerald Technology Ventures and BDC Capital.
The logistics industry has witnessed the digitalization of its operations, with technology improving efficiency and enabling stakeholders to have greater control over their processes. Augmented reality is one such technology that can be leveraged to provide immersive experiences to workers, helping them learn skills more quickly or execute complex processes with ease.
Librestream uses augmented reality technology to help workers rapidly diagnose, inspect and troubleshoot assets, making sure equipment maintains high uptime efficiency. The company provides workers with augmented reality tools that enable them to become AI-connected experts, from wherever they might be.
“Digital transformation initiatives traditionally focused on digitizing systems and assets, often leaving people out of the equation,” said John Bishop, the president and CEO at Librestream. “Librestream’s focus on providing workers with a digital connection to information enables safe, effective performance — whether on an oil rig, a manufacturing floor or in an aircraft hangar.”
Gartner research shows augmented human and immersive experiences to be a leading technology this year. By 2023, two out of three large field service organizations are expected to use immersive experiences to improve efficiency and customer satisfaction — up from less than 1% in 2019. The augmented reality technology market is still in its nascent stages, providing Librestream ample space to be a frontrunner.
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Source and credits: freightwaves.com
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