UK augmented reality company Blue Vision Labs has raised $14.5 million led by from GV, formerly known as Google Ventures.
Accel, Horizons Ventures, and SV Angel also participated in the investment in the company, which has announced that it is officially coming out of stealth. It is developing an SDK for sharing AR experiences across multiple devices and users and claims that it is more accurate in location pinpointing.
It is so far available with city street maps for London, San Francisco, and New York.
It is targeted at app and game developers and envisions its technology being integrated into self-driving cars and robotics.
The new funds will be invested in hiring engineers, researchers, and product developers. It plans to deploy in more cities later this year where it employs field operation teams.
“The ability to create shared, persistent AR applications has long been the missing piece in an industry that’s estimated to be worth $83 billion by 2021,” said Peter Ondruska, CEO, citing 2017 figures from Digi-Capital. (Update: the latest forecast from Digi-Capital now expects AR to be worth $85-90 billion by 2022).
“The concept for Blue Vision has been seven years in the making, and our launch is a pivotal moment for the future of augmented reality,” he said. “We’re only just scratching the surface of what our technology could bring to countless industries and sectors, from gaming to self-driving car navigation, and today’s investment brings us closer to realising that potential.”
Tom Hulme, general partner at GV, is joining the company’s board as part of the investment.