Munich-based startup Re'flekt has secured a total of $5.7 million in its Series A funding round. Security service provider Prosegur is on board as a new investor alongside BASF Venture Capital and Bosch.
The augmented reality startup Re'flect supports companies in creating their own augmented reality (AR) and mixed reality systems. Since its founding in 2012, Re'flekt has grown to over 60 employees at its two locations in Munich and San Francisco.
Re'flekt — Series A financing to drive growth into new markets
Investors in the Series A round are the security company Prosegur, which has now invested 1.3 million US dollars, and BASF Venture Capital, which already invested in the summer of 2018 with a Investment of 4.4 million US dollars.
Thus, the current financing round raised a total of 5.7 million US dollars (5 million euros). In 2015, Bosch also invested in the AR companyThe investment will further develop the augmented reality solution.
“An investment partnership with a global leader in the security industry reinforces our belief that augmented reality can add value in many more markets than is generally assumed,”
commented Wolfgang Stelzle, CEO and founder of Re'flekt. According to Stelzle, AR in the security sector can significantly improve business processes through accurate and understandable data visualizations. He adds:
“We are pleased that this investment will enable us to continue our strong growth in new markets and further invest in our team and products.”
“Overcoming everyday hurdles with AR”
Prosegur relies on the new AR technologies to overcome “everyday hurdles” in a simplified way, explains Javier López Huerta, Managing Director at Prosegur Tech Ventures. He says:
"Our investment demonstrates our belief that Re'flekt's solutions add value to our company and will continue to have a significant impact on the global industrial business."
The Munich-based startup's content creation platform and the included remote maintenance solution enable industrial companies to easily carry out daily maintenance or training activities.
“Thanks to Re'flekt's platform, machine operators and maintenance staff can troubleshoot and significantly increase uptime,”
explains Wolfgang Stelzle.
