June 24, 2020 – Librestream, a provider of augmented worker enterprise solutions, has today announced a new CAD $24 million Series D capital raise from new and existing investors. Today’s Series D funding announcement marks a total of over CAD $55 million in financing for the company to date.
Librestream states that the financing will be used to accelerate customer acquisition and growth in expanded geographic and vertical markets. As a core part of this growth, the company will invest in sales and marketing expansion and the advancement of its Onsight augmented worker platform. The funds will be used for:
- Developing new regions including APAC, Middle East, Africa and Latin America to build on Librestream’s business within North America and Europe;
- Expanding the company’s footprint to include high growth verticals such as telehealth and retail, in addition to core industrial markets;
- Accelerating innovation and the delivery of the company’s AI Connected Expert vision;
- Enlarging the company headcount by at least 50 percent over the next 24 months to meet demand.
According to the company, the size of customer deployments of its solutions grew more than 250 percent over the last three years.
“Digital transformation initiatives traditionally focused on digitizing systems and assets, often leaving people out of the equation. 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,” explained John Bishop, President & CEO at Librestream. “This new capital allows us to expand our reach to new markets and regions while broadening our leadership position. We thank our new and existing investors for their support of our vision of a digitally-enabled remote workforce.”
The lead investor for Librestream’s Series D financing, Canadian Business Growth Fund (CBGF), was joined by Export Development Canada (EDC) and Pender Technology Inflection Fund as new investors to Librestream.
“We are excited to back John Bishop and the Librestream team,” said George Rossolatos, CEO at CBGF. “Librestream pioneered the remote expert space and successfully demonstrated that its product offering improves the safety and operational efficiency of a global workforce. As a result of the global pandemic, leaders are realizing that a largely remote workforce will be the new normal. Librestream is particularly well positioned to help continue its growth moving forward.”
Existing investors including Swiss-based Emerald Technology Ventures and BDC Capital participated in this Series D round. Charles Vaslet, Partner at Emerald Technology Ventures, commented: “We first invested in Librestream in 2016. At that time, we saw the potential and it has been rewarding to see the company expand its customer base and technology. We believe digital transformation continues to accelerate as a critical investment for leading companies. This financing comes at a market inflection point that positions the company to achieve its high growth goals.”
Librestream recently launched a business continuity program to assist organizations impacted by COVID-19 restrictions and expanding worker safety program. Since March, the company states that it tracked a 433% spike in usage globally and assisted hundreds of global enterprises, such as Safran Group, DNV-GL and Volvo Group, with their business continuity initiatives.
“Librestream’s strong partnership over the past four years, and especially during this pandemic, proved invaluable in driving innovation within our processes and service delivery. The ability to remotely perform inspections has tremendous business impact from cost savings and productivity to improved customer service. We are believers in Librestream’s vision for the augmented worker and are excited to see Librestream secure the financing to accelerate the vision of its leadership team,” said Tina Bender, Manager Business systems & IT at Volvo Group.
Image credit: Librestream
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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.