Librestream secures strategic investments from Honeywell & Evergy to advance the augmented reality industry for the remote and industrial workforce. The strategic investments allow these companies to work more closely together to deploy AR applications across industries in the process of digital transformation. The strategic investments follow Librestream’s raise of 25M in venture investment in the fall of 2020. The company has announced partnerships with Fortune 500 companies such as Siemens Energy, Volvo Group, Renault Trucks, and Rolls-Royce.
Honeywell plans to expand its current partnership with Librestream while Evergy Ventures begins exploring new applications of the AR technology with Librestream, accelerating the digital transformation in the energy sector. John Bishop, CEO of Librestream told us that Librestream was selected because it focuses on the business impact of remote workforce digitization, improving the very essence of remote expert assistance. Honeywell’s wearable scanners and other sensor technology — and their customers — could potentially add a lot of value to Onsite. Evergy Ventures, which supports disruptive new technology companies in the energy sector.
The Librestream Onsight system is compatible with a broad range of devices, including the Vuzix, Real Wear, HoloLens, and Toshiba wearable enterprise solutions as well as mobile devices and computers. These sophisticated devices use a microdisplay to keep instructions, checklists, video, and other data in the worker’s field of view while keeping their hands free for the task. A voice interface, optimized for the most rugged conditions, combines with a flashlight, camera, and other sensors to feed data into Onsight.
The energy sector is currently undergoing transformations to utilize new emerging technologies more efficiently. “Our investment in Librestream allows us to make this transformation more accessible, efficient, and valuable for our utility and our customers,” said Dennis Odell, VP of Evergy Ventures. “The Librestream investment gives us an equity stake in a market leader primed for expansion. We’re going to get a direct line of sight into the market and into a solution that increases safety, drives operations and maintenance efficiency, and can be deployed at scale.”
Librestream’s Onsight platform is designed to extend synchronous and asynchronous cross-platform video-conferencing services to places such as off-shore oil rigs, factories, or a mine. Onsight is deployed in over 120 countries and in the world’s toughest environments. Some clients choose to white label the Liberstream service and integrate it into their system, giving remote workers access to not only a more experienced remote colleague, with the interaction tagged and logged into the company’s system for future reference.
Librestream was founded in 2003 with a mission to transform remote working and remote workers. The company, led by John Bishop, has raised $57M to date. Between 2019 and 2020, customer license growth grew by over 830% as Librestream added customers like Lockheed Martin and expanded teams across the US, Europe, and Asia-Pacific. In addition to strategic investors Honeywell and Evergy, Librestream is backed by venture funds including Emerald Ventures, BDC, and CBGF.