Librestream is pleased to announce the company recently achieved significant milestones including the completion of a financing round led by Emerald Technology Ventures, a globally recognized investment firm in energy, water, advanced materials and industrial IT, and BDC Capital’s Industrial, Clean and Energy Venture Fund. A follow-on financing is underway to focus on additional strategic partners that align to Librestream’s growth objectives.
Librestream will use the funds to execute its aggressive growth plans including the addition of sales and marketing resources and acceleration of its digital transformation product roadmap. Industrial markets are embracing digital transformation, especially within their service operations, which has resulted in strong performance including:
- Software revenue growth of 76% year-over-year across manufacturing, aviation, energy and service verticals
- Significant digital transformation wins including 50% of the Fortune 500 aerospace companies
- New strategic partnership with Verizon to sell and distribute the Onsight Connect remote expert solution
- Onsight augmented reality service platform usage up 79% year-over-year
- As further validation of market and business momentum, a total lifetime contract value of $6M closed within 30-day period
Paul Miller, Senior Analyst at Forrester, described how digital transformation has become critical to success within the industrial sector in the January 2018 report, From Grease To Code: Industrial Giants Bet Their Future On Software. He describes how industrial leaders are using digital to reinvent their customer relationships. The leading enterprises recognize that their customers expect their interactions with vendors to be digitally enabled. For these enterprises to grow or even survive, they must embrace digital transformation.
“Librestream was the pioneer of remote expert augmented reality long before we all had smartphones in our hands. We have continued to expand our offering with a focus on being the first digital tool a service worker picks up and the last one they put down. These expanded AR tools include remote expert, rich content access, and digital work instructions,” explained Kerry Thacher, President & CEO, Librestream. “We’ve seen tremendous growth over the last two years as industrial leaders invest in digitizing their service worker’s day.”
Charles Vaslet, Partner at Emerald Technology Ventures, shared, “We actively follow the evolving augmented reality market, including the high growth remote expert technology sector. Based on our research, Librestream is a recognized leader with proven large-scale deployments across its industrial market segments. Their experience and capability to deploy globally across difficult field environments sets Librestream apart in the market.”
“Librestream has built a secure platform that gives service workers immediate access to information and expertise. We feel the increasing demand for these capabilities can be attributed in part to the staffing challenges these industrial enterprises face with looming expertise shortages and the shift in customer demand towards performance-based service models. Librestream is well-positioned to solve these challenges for enterprises,” added Geoff Catherwood, Partner at BDC Capital’s Industrial, Clean and Energy Venture Fund.