March 22, 2019 – Scope AR has announced that it has secured a USD $9.7 million round of Series A funding. The round was led by Romulus Capital, with follow-on investment participation from existing investors SignalFire, Susa Ventures, Haystack, New Stack Ventures, North American Corporation and Angel List. Krishna Gupta of Romulus Capital and Wayne Hu from SignalFire will join Scope AR’s Board of Directors.
“AR is becoming an important tool for how knowledge is shared within heavy industry, allowing workers to get the information they need, when they need it, in an intuitive way,” said Scott Montgomerie, CEO and Co-Founder of Scope AR. “We are thrilled to have the support of our new and existing investors to accelerate our growth and development during a crucial inflection point in the market. It underscores, yet again, that enterprise AR is a leading driver within mixed reality thanks to the impressive ROI and growing list of use cases the technology enables.”
With this latest infusion of capital, the company has a raised a total of USD $15.8 million, which the company states will allow it to “further scale and expand enterprise AR adoption in a time when the industrial workforce is shifting and machinery and equipment are becoming increasingly complex.”
Scope AR also stated that through the use of its products – WorkLink and Remote AR – companies such as Lockheed Martin, Unilever and Prince Castle have achieved results around improving worker efficiencies, reducing equipment downtime and more accurately diagnosing repair issues.
“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. “Scope AR’s product leadership and vision has put them at the forefront of the industry, addressing these challenges with tools that provide workers with instant access to critical information that helps resolve operational issues in an agile and accurate manner. We’re excited about their product roadmap and growth opportunities as we work more closely with some of the largest enterprises in the world.”
Image credit: Scope AR
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past five years.