Recent Funding in the Augmented Reality Sector in June 2021

The global market of the augmented reality sector was valued at US$17.67 billion in 2020 and now it is expected to expand at a compound annual growth rate (CAGR) of 43.8% from 2021 to 2028. The rising demand for remote assistance and collaboration from enterprises that assist in workflow management and optimization is expected to that market growth. The following are the AR companies that have received funding in June 2021.

XYZ Reality (June 21)

XYZ Reality, a UK-based startup founded in 2017, has raised £20m in Series A funding as part of its efforts to radically transform the construction sector through the use of augmented reality (AR). The company is pioneering an engineering-grade AR helmet that projects detailed holograms of 3D building schematics in front of your eyes, allowing construction workers to position objects to 5mm accuracy and immediately see when something is out of alignment, even to a minute degree.

Electric Gamebox (June 10)

Electric Gamebox, an immersive gaming platform, has announced that it has raised US$11 million in Series A2 funding. The company said that the investment will be used to expand its retail footprint to over 1,000 locations by 2026.

Red 6 (June 1)

Santa Monica-based Red Six Aerospace Inc. closed a US$30 Million Series A round to fund the company's augmented reality training technology. San Francisco-based Snowpoint Ventures, an existing investor, contributed US$25 million to the round. The additional US$5 million came from unnamed "existing and new investors," the company said in its June 1 announcement. The funding gives Red 6 a US$130 million valuation, according to the company. The round allows Red 6 to continue to build its technology and military training capabilities.

Specular Theory Inc. (June 3)

Immersive software technology company Specular Theory Inc. has recently announced that it has been awarded a US$4.5 million Small Business Innovation Research (SBIR) Phase III contract with the Department of Defense (DoD) to expand its immersive training products USD 4.5 million Force (USAF) B-52, C-17 and KC-135 aircrew training over the next three years. This expansion includes adding more airframes and functionality to the company's Air to Air Refueling real-time virtual reality (VR) simulator including multiplayer capability which allows teams to train together remotely.