[Funding alert] London-based KIT-AR Secures €3.3 Million in Funding
Feb 27, 2024 | By Startup Rise EU
London-based KIT-AR secures €3.3 million in funding. Together with follow-on investments from Sintef Venture V, Criteria Venture Tech, and Armilar Venture Partners (via its NOS 5G Fund and TechTransfer fund), 3XP Global and Blue Crow Capital co-led this round.
With the help of this fundraising round, KIT-AR is better positioned to expand its workforce, grow internationally, and realise its goal of becoming the industry standard for augmented labour in the industrial sector.
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Manuel Oliveira, CEO of KIT-AR said, “Everyday, industrial brands across the world are realizing that reducing human errors is not only a persistent competitive advantage, but essential to avoid unmitigated costs, Our platform offers these brands the opportunity to virtually eliminate these errors, mitigating potentially serious repercussions on their business.”
Beyond just being bad for the economy, these effects also negatively impact society and the environment. Because KIT-AR focuses on reducing the price of subpar quality, manufacturers may make a direct contribution to a world that is more sustainable.
Miguel Lemos, partner of 3xP Global said, “ KIT-AR supports industries minimizing errors and optimizing resource utilization, being therefore, fully aligned with 3xP Global’s objectives. KIT-AR’s founders bring not only expertise in unlocking the full potential of Augmented Reality tools but also a proven and robust market approach. Together, we are committed to a sustainable path that generates significant value for all stakeholders,”.
Antonio de Mello Campello, partner of BlueCrow Capital said, “What excites us about KIT-AR is how they apply cutting-edge augmented reality directly to the manufacturing floor, tackling everyday challenges with innovative solutions. Their approach brings tangible improvements to efficiency and workflow clarity, demonstrating the real-world impact of their solutions. We’re proud to support a team that’s as grounded in reality as they are ambitious in vision, and we’re eager to see their solutions make a difference in the industry. It was a great investment opportunity that was presented to us, and we took it. Our focus is to support great businesses with exceptional teams,”.
About KIT-AR
KIT-AR, their enhanced platform for quality assurance assists producers in minimising production errors. Their artificial intelligence (AI) and augmented reality (AR) solutions help to detect and predict errors so that workers can do their work accurately the first time, every time.
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