Basemark, which supplies computer vision software and AR to enable original equipment manufacturers to develop their own AR applications, has raised €22M in Series B funding.
When using the software, AR-enhanced projections are shown on a car’s infotainment screens, for example visualising the trajectory of a potential turn or reverse movement as well as circling hazards in real time. Ultimately these applications aim to increase the ease, accuracy and safety of navigation.
Rocksolid AR, Basemark’s primary product, makes it more affordable for equipment manufacturers to develop their own AR applications for other in-vehicle screens; the software offers enough versatility for individual brands to tailor the technology towards their models and brand design.
Basemark will use the capital to deepen its business with OEMs in Europe and the United States and fund its international expansion to Japan, China, and South Korea. The aim is to secure more series production deals with OEMs, and strengthen its Rocksolid AR software development tools. The company secured its first series production deal with an OEM in the United States last year and is also actively discussing with major OEMs in Europe and Asia.
The round was a combination of equity, grants, and loans, and was led by ETF Partners, with funding also coming from Finnish Industry Investment (Tesi), Constructor Capital, a single family office based in Zürich, Business Finland, the European Innovation Council, and private investors.
Tero Sarkkinen, Founder and CEO of Basemark, commented:
“We are pleased to welcome new investors Tesi and Constructor Capital onboard, as well as thank our existing investor ETF for their continued support. Constructor Capital's Founder, Serg Bell, is an exceptional entrepreneur and has founded many companies that offer synergies to Basemark. We're excited to work together to make driving more safe and enjoyable.”
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