Dublin-based AR tech company, MIA Member Antikytera, secures investment

Start-up valued at €15m is poised to go for additional funding due to Covid-19 growth

Antikytera E-Technologies, a Dublin-headquartered start-up working in the augmented reality (AR) space, has been valued at €15 million after securing investment from an unnamed German venture capital fund.

While no financial details have been disclosed, industry insiders indicated the value of the investment for a minority stake in the business to be in or around €5 million.

The company, which has been benefiting from a surge in sales since the Covid-19 crisis hit, intends to seek further investment later this year to help it take advantage of the growth arising from the pandemic.

Antikytera was founded by Kristian Karazissis and Paula Guimaraes in Dublin three years ago, after they relocated from Italy to establish the company.

The start-up, which is supported by Enterprise Ireland, has developed remote assistance software called Ermes that uses AR technology and artificial intelligence to overlay information on real-time still images and live video. Unlike other similar solutions, its technology runs on smartphones using IoS or Android and does not need hardware or goggles to use.

As well as being used for training purposes, the technology can also be used to assist technicians in the field by remotely guiding them on projects they are working on. Emres lends itself to companies who have teams working at multi-sites or who are off-site, according to Mr Karazissis, Antikytera’s chief executive

Ermes, which is primarily targeted at large businesses working in areas such as engineering, allows for multiple means of collaboration, using everything from instant chat to 3D visual tools that allow users to highlight objects, draw annotations and then guide technicians step-by-step through processes.

The solution also allows for recording of videos in areas without internet access, which can then be uploaded and sent on for information to be added later.

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