In Augmented Reality News
February 27, 2024 – KIT-AR, a provider of an augmented worker platform for the manufacturing industry, has this week announced the completion of a EUR €3.3 million funding round, co-led by 3XP Global and Blue Crow Capital, along with follow-on investment from Sintef Venture V, Criteria Venture Tech and Armilar Venture Partners (through its NOS 5G Fund and TechTransfer fund).
“KIT-AR’s founders bring not only expertise in unlocking the full potential of Augmented Reality tools but also a proven and robust market approach. Together, we are committed to a sustainable path that generates significant value for all stakeholders” stated Miguel Lemos, partner of 3xP Global.
According to KIT-AR, the funding round will help the company to accelerate its growth globally, scale its team and advance its vision to become the definitive platform for augmented workers in the manufacturing industry.
Commenting on the announcement, Manuel Oliveira, CEO of KIT-AR, said: “Everyday, industrial brands across the world are realizing that reducing human errors is not only a persistent competitive advantage, but essential to avoid unmitigated costs. Our platform offers these brands the opportunity to virtually eliminate these errors, mitigating potentially serious repercussions on their business.”
KIT-AR’s platform supports industrial workflows by helping to minimize errors and optimize resource utilization through the use of augmented reality. The company’s patented technology enables manufacturing enterprises to facilitate the digitalisation of human-centered shop floors.
“What excites us about KIT-AR is how they apply cutting-edge augmented reality directly to the manufacturing floor, tackling everyday challenges with innovative solutions. Their approach brings tangible improvements to efficiency and workflow clarity, demonstrating the real-world impact of their solutions,” said Antonio de Mello Campello, partner of BlueCrow Capital.
KIT-AR’s CEO continued: “Our team, with its strong research DNA and talent to innovate, will continue to deliver a plethora of reasons for manufacturers to adopt a more efficient, sustainable and human-centric approach towards production. This is further enhanced by our strategic partnerships with PWC Portugal and the biggest communications and entertainment group in Portugal, NOS, which will strengthen our reach and value to the manufacturing market, in Portugal and beyond.”
For more information on KIT-AR and its augmented reality solutions for workers in the manufacturing industry, please visit the company’s website.
Image credit: KIT-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 seven years.