KIT-AR announces €3.3 million in new funding round
Startup will direct funds towards team expansion and accelerating growth at a global scale
London, February 26th, 2024 - KIT-AR, the cutting-edge augmented worker platform for the manufacturing industry, announced today the completion of a 3.3 million euros funding round, co-led by 3XP Global and Blue Crow Capital, along with follow-on investment from Sintef Venture V, CriteriaVenture Tech and Armilar (through the NOS 5G Fund and the TechTransfer fund). This funding round positions KIT-AR to accelerate its growth globally, scale the team and advance its vision to become the definitive platform for augmented workers in the manufacturing industry.
“Everyday, industrial brands across the world are realizing that reducing human errors is not only a persistent competitive advantage, but essential to avoid unmitigated costs.” stated Manuel Oliveira, CEO of KIT-AR. “Our platform offers these brands the opportunity to virtually eliminate these errors, mitigating potentially serious repercussions on their business.”.
These repercussions go beyond an economic dimension, being detrimental to both the environment and society. KIT-AR’s focus on addressing the cost of poor quality allows manufacturers to directly contribute to a more sustainable world.
“KIT-AR supports industries minimizing errors and optimizing resource utilization, being therefore, fully aligned with 3xP Global’s objectives. KIT-AR's founders bring not only expertise in unlocking the full potential of Augmented Reality tools but also a proven and robust market approach. Together, we are committed to a sustainable path that generates significant value for all stakeholders” stated Miguel Lemos, partner of 3xP Global.
KIT-AR’s patented technology is a key enabler for manufacturing enterprises to facilitate the digitalisation of their human-centered shopfloor. Since its inception, KIT-AR has been recognised for groundbreaking innovation, from being selected by the Sony Startup Acceleration Program and theBoeing Aerospace Xelerated Program, to more recently taking part of the Unicorn Factory, a unique program aimed at scaling potential unicorns to fulfil their global potential.
“What excites us about KIT-AR is how they apply cutting-edge augmented reality directly to the manufacturing floor, tackling everyday challenges with innovative solutions. Their approach brings tangible improvements to efficiency and workflow clarity, demonstrating the real-world impact of their solutions. We're proud to support a team that's as grounded in reality as they are ambitious in vision, and we're eager to see their solutions make a difference in the industry. It was a great investment opportunity that was presented to us, and we took it. Our focus is to support great businesses with exceptional teams” shared Antonio de Mello Campello, partner of BlueCrow Capital.
“We are redefining the current industrial revolution and we won’t stop here”, Manuel Oliveira further points out that “Our team, with its strong research DNA and talent to innovate, will continue to deliver a plethora of reasons for manufacturers to adopt a more efficient, sustainable and human-centric approach towards production. This is further enhanced by our strategic partnerships with PWCPortugal and the biggest communications and entertainment group in Portugal, NOS, which will strengthen our reach and value to the manufacturing market, in Portugal and beyond”.
About KIT-AR
KIT-AR is an innovative augmented worker platform focused on reducing the cost of poor quality in manufacturing. With offices in the United Kingdom and Portugal, KIT-AR’s platform leverages augmented reality, artificial intelligence and process mining to identify, trace and reduce production errors in the automotive and aerospace manufacturing markets. For more information, please visithttps://www.kit-ar.com
About 3XP Global
3XP Global is an Investment company established in 2019, with a focus on Sustainable and Impact investments. Currently, with a 16 people team in Portugal and Spain, the company focus in three investment verticals, namely Health and Life Sciences, Responsible AI and Impact Investments. 3XP was the first financial company in Portugal to be certified as a B Corp, for its commitment with global best ESG practices, being also an active member of the major European organizations leading in impact investments/sustainable finance.3XP Global distinguishes itself by combining extensive financial and management expertise with an unparalleled seasoned team in social, environmental, and sustainable finance areas.
About BlueCrow Capital
Established in 2010, BlueCrow Capital holds an influential position in the financial sector, fully owning two licenses regulated by the Portuguese Securities Market Commission (CMVM). Our portfolio includes 12 funds, with a strategic focus on Private Equity, Venture Capital, and Asset Management.Leveraging a team with diverse professional backgrounds, we bring a strategic edge to the sectors we operate in, guided by core principles of innovation, transparency, and unwavering commitment. For more information, please visit: https://www.bluecrowcapital.com.
Next Tech Fund I, managed by BlueCrow, is a Venture Capital Fund dedicated to investing in high-potential technology startups. It's our initiative to drive innovation and link investors with the vibrant tech sector in Portugal, offering a platform for growth and technological progress
About Armilar
Armilar Venture Partners is Portugal's leading VC funds manager. An independent VC with a history of more than 20 years, a high-performance track record and an international footprint, Armilar focus on early-stage technology-based companies where data, digitisation and connectivity play a central role. For more information, please visit https://www.armilar.com
The NOS 5G Fund has an initial available amount of €10M and aims to invest this next spring in technological solutions enhanced by the next generation of mobile networks. It will cover areas as diverse as networking technology, Internet of Things (IoT), Data & Analytics, Cloud Computing, Virtual and Increased Reality, and cybersecurity. With the establishment of the NOS 5G Fund, NOS became the first telecommunications company to create an investment fund dedicated exclusively to the fifth generation of mobile networks. NOS has now consolidated themselves as leading operators in 5G, strengthening their commitment to developing a more technologically advanced and innovative country, and with Portuguese entrepreneurs.
The Armilar Venture Partners TechTransfer Fund is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund forStrategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. The fund is also co-financed by Fundo de Capital e Quase Capital (FC&QC), managed by Banco Português de Fomento, S.A.
About Criteria Venture Tech
Criteria Venture Tech is a multi-stage venture capital fund managed by Caixa Capital Risc (CriteriaCaixa's venture capital subsidiary) and dedicated to investing in companies with a transformative global vision that are redefining the future through technology.
Since 2007, CriteriaCaixa's venture capital business has invested a cumulative €232 million, and Ithas been part of numerous success stories of startups acquired by leading companies such as Apple,Meta, AirBnB, Vente-Privee, Pernod Ricard and Repsol, among others.
Criteria Venture Tech invests in both early-stage and growth-stage companies. Its focus is on B2B SaaS and Deep Tech, with a particular focus on key sectors such as software infrastructure, data, developer tools, insurtech and cybersecurity, where technological innovation generates long-term economic and social value.
About SINTEF & SINTEF Venture
SINTEF – Technology for a better society. SINTEF is a self-owned research foundation with 2 200employees from 75+ nationalities and headquartered in Trondheim, Norway.
SINTEF TTO AS currently manage SINTEF Venture III AS, SINTEF Venture IV AS, SINTEF VentureIV B AS and SINTEF Venture V AS – appx. M€ 100 in equity. Fund III is 100 % funded by SINTEF, while the following funds are funded primarily by external limited partners such as European InvestmentFund, Sparebanken 1 SMN, KLP, Gjensidigestiftelsen, Sparebankstiftelsen DNB, Meierienes Pensjonskasse, Reitan Kapital, Orkla and Investinor.
