KIT-AR, the augmented worker platform for the manufacturing industry, today announced the completion of a 2 million euros seed stage funding round. This investment was co-led by Armilar Venture Partners and Caixa Capital Risc, with participation from RKKVC and Techtree fund (managed by Iberis Semper), including the follow-on investment from Sintef Venture V and Best Horizon. This round of financing will help KIT-AR push onwards with its vision to become the reference platform for augmented workers in the manufacturing industry.
"We hear about the perils of automation and the rise of the robots, but reality is less drastic. Augmented workers are already developing synergies between man and machine to harness new strengths and overcome their shortcomings." said Manuel Oliveira, CEO of KIT-AR. "We are driven to enhance workers in such a way that they can do their work right every time, all the time."
Incorporated in the United Kingdom, with a subsidiary in Portugal, KIT-AR has strong roots in applied research and innovation having spun out of UCL (University College London) and SINTEF, the largest research institute in Norway.
Today, KIT-AR’s patent-pending solution leverages emerging technologies, such as augmented reality (AR) and artificial intelligence (AI) to consistently reduce errors in complex production, logistics and quality control, for customers in the automotive industry, aerospace and electronics manufacturing industries.
Since its inception, KIT-AR earned several accolades, including being selected for the Sony Startup Acceleration Program Europe, as well as winning the 5G Accelerator Program, promoted by Amazon Web Services and Portuguese telco operator NOS. By adopting 5G technology, KIT-AR is already increasing both the effectiveness and efficiency of its augmented worker platform.
According to Jorge Graça, CTO of NOS, "This is the third investment in Portuguese companies made by the NOS 5G Fund, the only one in the country set up specifically to support technological startups to make the very most of the potential of 5G. The unique KIT-AR solution has won visibility in the innovation program run by NOS and AWS, and this investment will now support a renewed ambition in a team that I am sure will have a lot of successes to celebrate in the future".
"Our team is ready and eager for this next stage", Manuel Oliveira points out that "KIT-AR is at the forefront of the current industrial revolution and due to our strong research DNA and truly innovative mindset, we’ll continue to be a forerunner. We’ll be pushing the boundaries of technology with a human centric view and augment workers everywhere. As of today, we’re actively looking to connect with all manufacturing companies that share this vision of excellence with us".