The recent performance of British company Blippar indicates that its losses are increasing. They said they need to raise a new round of financing in order to strive to become a major force in the field of augmented reality.
According to Bloomberg, the London-based advertising and artificial intelligence company closed its office in Amsterdam in November 2016 and began layoffs in the Japanese office in early January of this year.
According to data released on Wednesday, from November 30, 2014 to March 31, 2016, Blippar lost 25.8 million pounds (31.3 million U.S. dollars) in 16 months.
Danny Lopez, executive director of Blippar, stated in the e-mail that the growing loss is caused by the expansion of investment in expansion and R&D investment.
Although losses increased, the company’s revenue almost doubled during the same period, an increase of 86% to 8.5 million pounds.
Blippar, with a valuation of $1.5 billion, has developed an application that allows smartphones to recognize everyday objects. With this technology, they have been favored by advertisers such as Coca-Cola and Pepsi.
Blippar completed a financing of US$54 million in March 2016, led by the Malaysian government’s Strategic Investment Fund and Khazanah Nasional Berhad (KNB), Qualcomm and Lansdowne Partners. It is expected that Blippar’s new round of financing will be conducted next year.
Blippar said that the growth of revenue and active users needs to be based on "another round of financing in the next 12 months."
A spokesman for Blippar declined to comment on the size or timing of any future financing.
Big companies are increasingly paying attention to augmented reality technology. Xiaobian has reported last week that Google has announced cooperation with BMW and Gap to launch Tango AR applications.
Further Reading: Google Partners with GAP and BMW to Launch Tango AR Application
Blippar is currently working with over 100 stores in Covent Garden, a major shopping district in central London, allowing shoppers to view promotions through AR technology, similar to the popular mobile game Pokemon Go.
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