UK-based augmented reality startup Dent Reality has announced it has secured £ 2.5million (around $ 3.4million) in funding, which the company plans to use to continue its efforts. aimed at introducing AR navigation by phone in the retail industry.
The funding round was led by Pi Labs, with participation from Sugar Capital in Europe, 7Percent Ventures in Silicon Valley and a number of angel investors. According to Crunchbase data, this follows a pre-seed investment round that closed in March 2020, the amount of which has not been publicly disclosed.
Dent Reality has been building its indoor positioning system based on augmented reality for some time now. We last heard about Dent Reality in early 2019 when the company first announced that it would release a SDK for iOS so retailers can integrate the interior spaces map, determine where it is located. user and use virtual paths and arrows to help shoppers find their destinations, much like an indoor GPS.
Co-founded by Andrew Hart and Ben Rosenbaum in 2019, the company has made great strides in gaining greater recognition from traditional retailers. The company reveals that it is working with UK retailer Marks & Spencer on a new test case for its indoor tracking at retailer’s Westfield London store in White City. It’s M&S in the video above.
“The app helps buyers find every item on their list, with real-time advice and information to optimize their experience,” says Dent Reality. “The potential of the technology is vast and can be applied to campuses, airports, shopping malls and museums, for example. Dent Reality’s waitlist currently includes hundreds of large organizations across a wide range of different industries.
The studio says it is capable of operating in an environment where there can be 40,000 items in a typical location and thousands of locations per retailer.
“Our vision is that every physical space will become digitally connected, enabling a whole new kind of interaction with the world around us. These “smart spaces” will unlock rich information and transform billions of daily interactions for shoppers and retailers, ”said CEO and co-founder Andrew Dent. “Right now, the biggest tech players are working to create next-generation augmented reality wearable devices, and we are creating the lethal consumer use cases for this transformative technology. In the future, delivering a frictionless digital experience in a physical location will become as essential for every business as having a website is today.
Individual investors include Indeed.com co-founders Paul Forster and Rony Kahan, social virtual reality founder Esteban Ordano, Tumbler veteran Matt Hackett and former Citymapper chairman Omid Ashtari.
The funding will be used to expand its team and services, says the studio, which will bring its services to new stores and retailers.