RealWear Raises $23.5M to Turn Successful Industrial Wearable into High Growth Assisted Intelligence Platform Business
Thursday, June 9, 2022
New funding will allow RealWear to build a fully integrated software, hardware and cloud subscription platform to further empower frontline workers
SANTA CLARA, Calif., June 1, 2022 /PRNewswire/ -- At Augmented World Expo (AWE), RealWear, the world's leading provider of assisted reality solutions for frontline industrial workers, today announced that it closed its Series C for $23.5M. Led by Foundry Group, the new raise enables RealWear to shift and expand from a hardware-centric to a platform-centric company, creating even deeper connections to, and value for, its global customers.
"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 Andrew Chrostowski, Chairman and CEO, RealWear. "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. Expect more game-changing tech to come."
Currently, 41 of Fortune 100 companies are using RealWear devices for business resiliency, productivity, training and employee engagement including Mars Petcare, Goodyear, Colgate-Palmolive and ExxonMobil. RealWear partners will be able to tie into our cloud systems to improve their understanding of app performance and aggregate device utilization.
RealWear will introduce the vision for Assisted Intelligence for the first time at AWE. At the booth, RealWear will be previewing the following using RealWear Navigator 500:
1. IBM Inspector Wearable - real-time image and reality matching assisted
reality solution for the automotive industry using AI with computer
vision and machine learning to identify manufacturing defects in
real-time for frontline workers.
2. Transition Technologies PSC with SLAM - label assets as digital overlays
anchored to physical assets within a 2.5D environment. The system will
display real-time IoT sensor data and images including pressure readouts.
At the end of last year RealWear launched its next generation assisted reality device, RealWear Navigator(TM) 500, which is the first commercially available head-worn device with a modular design.
"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.? "This new investment will allow RealWear to expand its hardware, software and cloud offerings."
Former investors also joined this round, including Qualcomm Ventures, Kopin and Columbia Ventures Corporation. According to global technology intelligence firm?ABI Research, total enterprise smart glasses shipments will grow at a 63% CAGR over the next five years, with over 27 million shipments seen in 2027. RealWear's position as a platform-centric business will provide customers new tools and insights of whole-fleet utilization and the associated workflows.
Please join Rama Oruganti, RealWear Chief Product Officer, at 11:40-12:05 PM PST for his talk "Future of Work: Digital Transformation for the Frontline" in the Grand Ballroom, Enterprise Track.
RealWear® is the world's leading provider of assisted reality wearable solutions that engage, empower, and elevate the modern frontline industrial worker to perform work tasks more safely, and with increased efficiency and precision. RealWear gives these workers real-time access to information and expertise, while keeping their hands and field of view free for work. RealWear is field proven with world-class customers, including Shell, Goodyear, Mars, Colgate-Palmolive, and BMW, who use it to improve workplace safety while delivering unprecedented ROI.
RealWear is headquartered in Vancouver, Washington in the United States, with local offices in the United Kingdom, Singapore, Germany, Australia, the Netherlands, and Japan, along with a new customer experience center in Dubai. RealWear's number one position was further strengthened with triple (3X) year-over-year growth in 2020. The company has shipped wearable devices to thousands of enterprise customers worldwide in a range of industries, including Energy, Manufacturing, Food & Beverage,?Automotive, and Telecommunications.
For more information, visit?www.realwear.com
CONTACT:
realwear@bulleitgroup.com
aaron@realwear.com
415-819-7791
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SOURCE RealWear
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