RealWear secures $17 million in series A funding for AR-enabled industrial wearables

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RealWear has secured a total of $17 million (£12.1m) in series A funding round to speed up the production of its flagship product – the HMT-1 – the AR-enabled fully voice-controlled ultra-rugged wearable device for oil and gas, telecommunications, as well as utilities and manufacturing sectors.

Noting the increasing demand for a hands-free communications and connected wearable solutions globally, the fund will be utilised to cater to this demand.

The Series A funding round was led by Columbia Ventures Corporation.

Ken Peterson, CEO at Columbia Ventures, said: “After seeing the HMT-1 device at work in industrial facilities, it was clear that it is the only device which delivers on the AR and wearable promise for industry today. RealWear’s vision is compelling to us, with the potential to transform how work gets done in industry, empowering industrial knowledge workers with real-time information, without encumbering their hands. RealWear has proven that it has the experience and ambition to make AR and wearable solutions function in actual industrial use cases, and an unlimited number of other uses to explore.”

Since its inception in 2016, RealWear shipped huge numbers of the HMT-1 device to over 200 customers throughout the world and won the Frost & Sullivan and Wearable Product Innovation Award for its flagship product in 2017.

In June, ABI Research projected that revenue from enterprise wearable devices will reach $55 billion (GBP 42.7 billion) by 2022 – a remarkable rise from the projected $10.5 billion by the end of 2017, with a 39% CAGR.

 

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