Librestream Closes Series D Financing Round of $24 Million to Expand Market Presence for its Augmented Worker Platform
Librestream, a leading provider of augmented worker enterprise solutions, announced a new $24M Series D capital raise from new and existing investors. This Series D raise brings total financing to over $55M.
The financing will be used to accelerate customer acquisition and growth in expanded geographic and vertical markets. As a core part of this growth, the company will invest in sales and marketing expansion and the advancement of its Onsight augmented worker platform. The funds will be used for:
- Developing new regions including APAC, Middle East, Africa and Latin America to build on Librestream’s success within North America and Europe.
- Expanding the company’s footprint to include high growth verticals such as telehealth and retail in addition to core industrial markets.
- Accelerating innovation and the delivery of the company’s AI Connected Expert vision.
- Enlarging headcount by at least 50 percent over the next 24 months to meet demand.
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Librestream experienced tremendous growth over the past 36 months as the needs of the remote workforce and immersive technologies became top priorities for digital transformation. In fact, the size of customer deployments grew more than 250 percent during this timeframe.
“Digital transformation initiatives traditionally focused on digitizing systems and assets, often leaving people out of the equation. 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,” explained John Bishop, president & CEO at Librestream. “This new capital allows us to expand our reach to new markets and regions while broadening our leadership position. We thank our new and existing investors for their support of our vision of a digitally-enabled remote workforce.”
Leading analysts like Gartner have identified the augmented human and immersive experiences as top technologies for 2020. By 2023, two out of three large field service organizations will equip field techs with immersive applications to improve efficiency and customer satisfaction, up from less than 1% in 2019.
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The lead investor for Librestream’s Series D financing, Canadian Business Growth Fund (CBGF), was joined by Export Development Canada (EDC) and Pender Technology Inflection Fund as new investors to Librestream.
“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.”
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