Business

Foresight Williams will invest £ 2.5 million in growth capital in Kognitiv Spark. This is the Canadian Business Journal, a software company that provides 3D data to support remote field service workers.

Fredericton, New Brunswick, March 10, 2022 (GLOBE NEWSWIRE) — Foresight Group (“Foresight”), a listed private equity and infrastructure investment manager, invests £ 2.5 million in growth capital in Kognitiv Spark (“KS”). Was announced. It commercializes software that provides 3D data to support remote field service workers. This investment is funded by the Foresight Williams Technology Fund, a joint venture between Foresight and Williams Advanced Engineering (“WAE”).

The company’s products offer three important advantages over competitors. It is the only off-the-shelf solution that enables real-time sharing of 3D datasets. You can maintain a stable video connection even in low bandwidth environments. And it provides defense grade security.

Today, installing or maintaining assets in the field requires a team of experts to travel thousands of miles, all of which increase time, cost, and greenhouse gas emissions. Existing remote assistance software lacks the robustness and functionality needed to allow local workers to perform complex tasks.

KS’s flagship product, RemoteSpark ™, is an augmented reality (“AR”) software package that allows desk-based professionals and field-based workers to share complex and important data. RemoteSpark consists of a desktop application and an application that runs on an AR device. When a call is made between the two devices, desk-based professionals are provided with a live stream from a worker’s perspective. Experts can share PDF documents, 3D images, and animations in real time. Both workers and professionals can annotate images during a call, and the platform enables hands-free voice control operations, making it easier for workers to complete tasks.

Growth capital allows the company to expand into new industries and regions through new sales and marketing teams in the United States and the United Kingdom to support the continued development of further products. The company wants to work with the WAE team to leverage its network of automotive, aerospace, industrial and manufacturing customers in the UK and EU markets.

The global mixed reality market is estimated to be worth $ 17 billion annually in 2020 and is projected to grow to $ 85 billion annually in 2025 (38% CAGR). Within that market, mixed reality software is expected to reach $ 32 billion in annual revenue by 2026. Market momentum includes advances in the digitization of industrial data and support requirements for increasingly remote labor force. Remote worker support is a key application of AR technology. A recent PwC report identifies 1.6 million jobs worldwide that can be enhanced using AR / virtual reality solutions, and that number is expected to grow to 7.6 million by 2025.

Comment on the investment Bill Yost, Investment Manager at Foresight, said: “”We are pleased to support Kognitiv Spark in establishing its business in the UK and its products beginning to be recognized throughout Europe. The company’s technology is groundbreaking and should improve field support across a wide range of industries. This money should be the driving force for significant growth. “

Yan Simard, CEO of Kognitiv Spark, added:: “We are very pleased to partner with Foresight as Kognitiv Spark continues to grow strategically on a global scale. Foresight’s investment level is in growth and market, not only for us, but for the mixed reality sector as a whole. It means that it is time to focus on establishing the status of. “

Matthew Burke, Head of Technology Ventures WAE, added: “We are pleased to be able to support a broad team of Yan and Kognitiv Spark with this investment. In addition to introducing the company to partners and customers with engineering, manufacturing and maintenance operations worldwide, KS in WAE’s operations. We continue to investigate applications for remote support technology. “

-end-

Foresighted Advisor:

Financial DD: Tinkham LLP

Legal DD: RW Blears (UK) and Shibley Righton (Canada)

[Cyber DD: Kryptokloud Limited]

For more information, please contact:

Lucy Sherwood: lsherwood@foresightgroup.eu / +44 (0) 20 3763 6977

Notes to the editor

About Kognitiv Spark

Since 2016, Kognitiv Spark has been working closely with global partners to guide the development of industrial augmented reality solutions with a focus on user-centric development. Kognitiv Spark is led by an executive team with deep expertise in cybersecurity, oil and gas, industrial engineering, aerospace and defense, providing a robust and integrated solution that goes beyond advanced performance and security requirements.

Kognitiv Spark was founded by cybersecurity expert and talented developer Ryan Groom and former Army officer Duncan McSporran, who played various leading roles in the British Army.

For more information, please contact:
Kim Holland: kim@kognitivspark.com / +1 506 429 5263

www.kognitivspark.com

About Foresight Group LLP (“Foresight”):

Foresight holds £ 8.4 billion in assets under management in many funds, including listed vehicles, limited partnerships, enterprise investment schemes (EIS), venture capital trusts (VCTs), and inheritance tax solutions using business relief (BR). increase.

Foresight’s largest office is in London, with offices in Nottingham, Manchester, Cambridge, Milton Keynes, Leicester, Edinburgh and Garnsey in the United Kingdom, and international offices in Sydney, Rome, Madrid and Luxemburg.

www.foresightgroup.eu

About Foresight Williams Technology

Foresight and Williams Advanced Engineering began investment collaboration in 2016 with the launch of the Foresight Williams Technology EIS Fund. In 2019, Foresight Williams Technology VCT Share Class, a sister fund within Foresight Solar & Technology VCT plc, was launched. These two funds are aimed at investing in companies developing innovative and innovative technologies, leveraging the expertise and services of Foresight and Williams to provide a successful exit in multiples of high value. We believe we can support the development of our business with the goal of achieving it.

www.foresightwilliams.co.uk

Related images

Image 1: Kognitiv Spark product in use

Kognitiv Spark’s flagship product, Remote Spark, is used in industrial environments.

This content was published through Newswire.com’s press release distribution service.

  • Kognitiv Spark product in use


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Foresight Williams will invest £ 2.5 million in growth capital in Kognitiv Spark. This is the Canadian Business Journal, a software company that provides 3D data to support remote field service workers.

Source link Foresight Williams will invest £ 2.5 million in growth capital in Kognitiv Spark. This is the Canadian Business Journal, a software company that provides 3D data to support remote field service workers.

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