Blippar Raises $55 Million to Broaden and Develop Its Augmented Reality
Blippar company has raised $55 million in Series D funding for developing a 'visual browser'. The company is best known for its augmented reality app that integrates digital information with the user's surrounding in real time.
According to Business Insider, Blippar is resorting to a bigger round of funds in order to reach its aspiring vision. Khazanah Nasional Berhad led the round, which is Malaysian government strategic investment fund. It also has prior investments in technology firms which include Alibaba and Skyscanner, a site for British travel search.
Blippar's present investors are also encompassed in the round that delivers the New York-based and 5-year-old London firm's total funding to $100 million. Blippar CEO Ambarish Mitra declined to comment on the company's valuation. He said that Khazanah Nasional Berhad are suitable with Blippar and described them with 'long-term vision' who has the capability of helping the company to make a strong connection to the Asian market.
In 2011, the company was created and was founded by Ambarish Mitra. He said that Yahoo and Google are not the end means where you discover information. The app created by Blippar gives any information about any objects just by pointing the smart device at it. Just like when you point it at a cup of coffee, the app will provide you with information on where is the nearest coffee shop, as reported by CNBC.
"People are getting more and more curious about the world yet a lot lot of their curiosity remains unanswered. As digital people we think we've made it and you think Google or Yahoo is the answer but there is still a big gap in the market. You still can't point at everything in the world and describe it and get to know more about it," Mitra told CNBC in a phone interview.
The company claims that it has 60 engineers in its San Francisco and Mountain View offices and is developing its machine-learning and artificial intelligence team not so long ago. There are a total of 300 employees scattered in its 14 offices around the world, Venture Beat reports.
With the said funds, Blippar will be able to broaden its augmented reality app. Way back October, Blippar unveiled a new R&D arm where the first Blippar Lab-branded product was Cardio VR intended for Google Cardboard which is designed for children to learn human anatomy through virtual reality.