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.
Working remotely
Antikytera is named after a Greek island, where an ancient hand-powered analogue computer was discovered that was created about 2,100 years ago. Like that device, the start-up founders believe they have developed something that is ground-breaking.
“Right now we are enjoying a huge level of success, especially since the onset of the coronavirus pandemic which has obviously led to more people working remotely,” said Mr Karazissis.
“Our technology means that you don’t need to have so many people at a site, so it frees up more resources. The product is designed bespoke and built in conjunction with clients and their particular needs, and it can be easily incorporated into their systems if they want.”
He said the company had received requests from companies working in a number of sectors, including energy, food, aerospace and healthcare, for its solution.
Antikytera currently employs 20 people, but expects to increase headcount rapidly. “Our plan is that we intend to have at least 100 people working for us within five years,” added Ms Guimaraes, the company’s chief operating officer.
