RealWear secures $80 million in series B funding for industrial-grade wearables
RealWear has raised $80 million (£63.35m) in a series B funding round led by industrial automation company Teradyne to continue its expansion and accelerate its platform development. Others who participated in the financing round include Bose Ventures, Qualcomm Ventures, Kopin, and JPMorgan Chase.
The company, which is known for designing the HMT-1 ruggedised head-mounted monocular tablet computer, has been focusing on products that are especially made for the connected enterprise workforce. The company’s industrial hands-free wearable computers boost the situational awareness among workers, while delivering key information on-demand in harsh environments.
RealWear co-founder and CEO, Andy Lowery, said: “Our seed investments came from friends, family, early customers, suppliers, and business partners. Their faith carried us to our series A, led by Columbia Ventures Corporation. CVC’s experience in heavy industry, one of our primary markets, made it a perfect match.”
In the last 18 months, RealWear has shipped over 15,000 HMT systems, made more than 1,300 enterprise customers across the world, and developed more than 120 workforce software applications.
A PTC report, titled State of Industrial Innovation, published in May, found two thirds of industrial companies are speeding up deployment of AR to improve worker productivity. The report found that industrial enterprises are the highest adopters of AR, comprising nearly 60% of the survey responses. Fifty-five per cent of use cases aimed at improving worker productivity focus on delivering instructions and guidance primarily within manufacturing, service, and training environments.
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