INSUBCONTINENT EXCLUSIVE:
Just as the Bluetooth headset ushered in an era of hands-free calling, AR startups are trying to convince manufacturing startups that AR
headsets will bring new efficiencies with hands-free computing.As Magic Leap and Microsoft have dropped hundreds of millions trying to
spend their way into new tech modalities for enterprise customers, smaller players are relying on less groundbreaking hardware and hoping
that easy-to-use software can drive new customers into their arms
One player using this approach is an AR startup based just outside of Portland called RealWear
of the way when not needed
About $56 million of that was Series B equity funding, while they also raised $25 million in debt
The latest round was led by Teradyne, with Bose Ventures, Qualcomm Ventures, Kopin Corporation and JPMorgan Chase Co
If that last investor draws your attention, the company tells TechCrunch they are closely eyeing an IPO, a unique move in an industry that
has proven heavily reliant on VC cash.Investors have seen major potential in the enterprise AR space, but major players have flared out in
the past 12 months, leaving some wary of making another bet in the space
Earlier this year, we reported that ODG, which had raised $58 million for its AR glasses, was in the midst of a fire sale for its IP
The same fate came to Meta months later, which raised $73 million
enterprise customers relative to their $2.6 billion raised.RealWear has raised tens of millions, yet most of that cash is going to sales
The approach has worked, at least in terms of quickly building a business on its way to being cash flow positive
The company said it had about $12 million in revenue last year, and was estimating $25-30 million this year.For now, the name of the game
for RealWear is converting pilots into paid rollouts
The company tells TechCrunch they have shipped 15,000 units in the past 18 months, though a recent major deal with Turkish telecom company
UROS will force them to scale much more quickly
working with customers like Colgate, BMW, Walmart and Coca-Cola.
