Upskill can now add Accenture and Cisco to its list of notable investors.
On Tuesday, the enterprise augmented reality startup announced a $17.2 million capital raise to support its growth and product development plans. Both Accenture and Cisco’s investment arms were a part of the round, along with existing investors Boeing Horizon, GE Ventures, New Enterprise Associates and others.
“We saw substantial growth in the last year further amplified by the launch of our new product release. That acceleration is what led our investors to participate in this new funding round,” said Brian Ballard, Upskill’s co-founder and CEO, in a press release.
“Upskill’s group of investors now include leaders from all parts of the industrial augmented reality ecosystem, which is an important signal in the market and speaks to how we collectively contribute to digital transformation.”
Tuesday’s funding follows a year of high growth for Upskill, which produces wearable technology for manufacturing workers. According to the announcement, Upskill reports growing its multinational client base by more than 300 percent in the past 12 months. Recently, the team rolled out a new version of its signature Skylight AR platform, adding self-service AR workflows and data integration features. And the company moved into a new office space in Tysons Corner from Herndon, Va.
Along with Accenture Venture’s minority investment in Upskill, the two companies have also formed a strategic alliance to integrate the Skylight platform with the Accenture Digital Distribution Solution. Through the platform, Accenture clients and industrial workers will have access to AR and virtual reality, 3-D models, AI-based image recognition and analytics on wearable devices, tablets and smartphones and more.
Accenture and Upskill have worked together on numerous projects in the past few years, including work for clients in telecommunications, oil and gas, pharmaceutical and aerospace and defense industries and, now, deploying AR tech to workers.
“This investment and alliance with Upskill will advance our capabilities in this rapidly growing space, helping us deliver extended reality solutions that provide real business value by transforming the ways people work,” said Paul Daugherty, Accenture’s chief technology and innovation officer, in a press release.
Founded in 2010, Upskill has raised $45.8 million to date, including the new investments.