Vancouver augmented reality startup RealWear raised $23.5 million from investors that it will use to move beyond hardware and into software and be a more platform-focused company.
The round was led by Foundry Group and included existing investors Qualcomm Ventures, Kopin and Columbia Ventures Corp. The Series C includes $20 million secured earlier this year and included in the first quarter venture capital report for the Portland metro.
RealWear makes a head-mounted, wearable computer for industrial workers. Its products are in an area it calls “assisted reality.”
Unlike virtual reality or even augmented reality, the real world is front and center to the wearer of the device and both hands are free. This is important because RealWear customers are in environments and around equipment that require full attention for safety.
“The funding marks the next stage of growth for the business, as we provide technology for frontline workers toward a vision of assisted intelligence where contextual data for the frontline leads to better decisions, ultimately improving operational productivity and safety,” said CEO Andrew Chrostowski in a written statement. “In addition to building new hardware, we will use these new funds to grow a unified software and services platform across our human-centric wearable products.”
The company has more than 100 employees. At the end of 2021 it released a major upgrade to its hardware with the RealWear Navigator 500. The company had planned to hire in 2022, and has nine positions listed on its website.
The company touts 41 of the Fortune 100 companies as customers including Mars Petcare, Goodyear and ExxonMobil.
“RealWear delivers real customer value through its line of assisted reality products. They empower the frontline workforce, providing them information and expertise in real-time that brings value to large global organizations whose priorities are productivity and safety,” said Brad Feld, partner at Foundry Group, in a written statement. “This new investment will allow RealWear to expand its hardware, software and cloud offerings.”
