Thu, 20 Dec 2018 | ADMINISTRATION
An augmented reality technology enterprise, whose technology was used in the production of the BBC’s Planet Earth II series, has fallen into administration over funding disputes.
Blippar, widely recognised as one of the country’s tech “unicorns” for being a start-up business worth more than US$1 billion, is said to have collapsed “effectively as a result of an alleged dispute over continued funding.”
Insolvency specialists David Rubin & Partners have been called in to handle the administration process, with partners Paul Appleton and Paul Cooper appointed as joint administrators.
A statement released by the insolvency firm said: “Following their appointment, the administrators are now exploring all possible options for the future of the business for the benefit of all stakeholders.”
Blippar was established in 2011 by Ambarish Mitra and Omar Tayeb, and at the height of its ventures, employed 300 people and was valued at US$1.5 billion. The company raised the majority of its finances from investors Qualcomm and a sovereign wealth fund from Malaysia.
The company itself champions augmented reality technology, which allows users to point their phones at inanimate objects and use Blippar’s app to convert it into an animation, offer useful information, or conjure an advertisement.
However, what was once considered to have the most ground-breaking technology with the most potential to thrive in the UK’s tech space, Blippar now competes with a range of other companies which offer similar platforms and services.
As alternative options are being sourced for the business, a Twitter post from Blippar said: “We are saddened to announce that Blippar has gone into administration today.
“We’re eternally grateful to all our team members, customers, partners, our board and investors who have been with us on this incredible journey.”
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