Canadian augmented worker enterprise company Librestream announced that it has raised $24 million in Series D investment, taking its total financing to over $55 million. Canadian Business Growth Fund (CBGF) led the investment round, which saw participation from new investors Export Development Canada (EDC) and Pender Technology Inflection Fund, as well as existing investors including Emerald Technology Ventures and BDC Capital.
The logistics industry has witnessed the digitalization of its operations, with technology improving efficiency and enabling stakeholders to have greater control over their processes. Augmented reality is one such technology that can be leveraged to provide immersive experiences to workers, helping them learn skills more quickly or execute complex processes with ease.
Librestream uses augmented reality technology to help workers rapidly diagnose, inspect and troubleshoot assets, making sure equipment maintains high uptime efficiency. The company provides workers with augmented reality tools that enable them to become AI-connected experts, from wherever they might be.
“Digital transformation initiatives traditionally focused on digitizing systems and assets, often leaving people out of the equation,” said John Bishop, the president and CEO at Librestream. “Librestream’s focus on providing workers with a digital connection to information enables safe, effective performance — whether on an oil rig, a manufacturing floor or in an aircraft hangar.”
Gartner research shows augmented human and immersive experiences to be a leading technology this year. By 2023, two out of three large field service organizations are expected to use immersive experiences to improve efficiency and customer satisfaction — up from less than 1% in 2019. The augmented reality technology market is still in its nascent stages, providing Librestream ample space to be a frontrunner.
In his statement, Bishop mentioned that the newly raised capital will expand the company’s reach to new markets and regions, while also broadening its leadership.
“We are excited to back John Bishop and the Librestream team,” said George Rossolatos, CEO at CBGF. “Librestream pioneered the remote expert space and successfully demonstrated that its product offering improves the safety and operational efficiency of a global workforce. As a result of the global pandemic, leaders are realizing that a largely remote workforce will be the new normal. Librestream is particularly well positioned to help continue its growth moving forward.”
Librestream has witnessed steady growth over the past three years, thanks to immersive technologies that became a top priority in the industry’s quest for digitalization. In this regard, the company’s customer deployments have grown by over 250% since 2017.
Librestream has also been busy with its efforts to alleviate the impact of COVID-19 on the logistics workforce. The company introduced a business continuity program that looks to expand worker safety programs and assist organizations impacted by the pandemic. Since March, Librestream saw a 433% increase in global usage, aside from the hundreds of struggling global enterprises it supported during this crisis.