London-based technology firm Masters of Pie specialises in enterprise and manufacturing solutions using augmented reality (AR) and virtual reality (VR) technology. The company has revealed that it has secured an investment round.
The investment has been led by venture capital firm Downing Ventures, which has meant Master of Pie were able to secure £1.6 million (GBP) in funding.
The firm uses a mixture of VR and AR technologies to allow industrial designers and production line experts to securely load 3D data into a virtual meeting space, allowing for remote collaboration between colleagues who might be thousands of miles apart.
Commenting on the funding and the next stage of growth for Masters of Pie, James Lewis, Investment Director at Downing Ventures, said: “The virtual reality market presents an exciting investment opportunity for us as venture capital investors, with the emerging sector predicted to grow from $4 billion in 2016 to nearly $80 billion by 2021. The adoption of both virtual reality and augmented reality also looks set to increase as headsets become less expensive and computing power gets faster.”
The Masters of Pie team intend to use the investment money to build on existing technology by investing in further research and development in order to further integrate collaborative communication tools into its existing VR platform. The firm is also planning to expand its development team and increase investment in sales and marketing.
Chief Executive Officer at Masters of Pie, Karl Maddix, added: “Having spent a number of years proving the technology, finding market traction and securing commercial partnerships, it is absolutely the right time now to focus on the rapid growth of the business. Downing has a deep understanding of how to build upon solid foundations to quickly scale up for market success. They share our vision and our passion and we are pleased to bring them on board at this key stage in our journey.”
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