KIT-AR, a cutting-edge augmented worker platform for the manufacturing industry, announced the completion of a €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). This funding round positions KIT-AR to accelerate its growth globally, scale the team and advance its vision to become the definitive platform for augmented workers in the manufacturing industry.
“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,” said Manuel Oliveira, CEO of KIT-AR. “Our platform offers these brands the opportunity to virtually eliminate these errors, mitigating potentially serious repercussions on their business.”
These repercussions go beyond an economic dimension, being detrimental to both the environment and society. KIT-AR’s focus on addressing the cost of poor quality allows manufacturers to directly contribute to a more sustainable world.
“KIT-AR supports industries minimizing errors and optimizing resource utilization, being therefore, fully aligned with 3xP Global’s objectives. 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,” added Miguel Lemos, partner of 3xP Global.
KIT-AR’s patented technology is a key enabler for manufacturing enterprises to facilitate the digitalisation of their human-centered shopfloor. Since its inception, KIT-AR has been recognised for groundbreaking innovation, from being selected by the Sony Startup Acceleration Program and the Boeing Aerospace Xelerated Program, to more recently taking part of the Unicorn Factory, a unique program aimed at scaling potential unicorns to fulfil their global potential.
“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. We’re proud to support a team that’s as grounded in reality as they are ambitious in vision, and we’re eager to see their solutions make a difference in the industry. It was a great investment opportunity that was presented to us, and we took it. Our focus is to support great businesses with exceptional teams,” commented Antonio de Mello Campello, partner of BlueCrow Capital.
“We are redefining the current industrial revolution and we won’t stop here,” Manuel Oliveira further pointed out. “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”.
Read the orginal article: https://www.eu-startups.com/2024/02/london-based-kit-ar-bags-e3-3-million-to-be-the-go-to-platform-for-augmented-workers/
