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Another heavily funded AR startup, Daqri, is shutting down

Kenneth Fong

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Daqri

Augmented Reality is one of those things that everyone wants to implement as soon as possible in the technology industry. We have seen reports that Google is already working on Augmented Reality for its products. Apple and Microsoft are also known to be developing products based on Augmented Reality and selling them in the market. It is believed to be the next major computing platform in the world. However, it did turn out to be the case when we talk about Daqri which is an AR startup. While it is good that startups are challenging Apple and Microsoft in the field of AR, we have one more case where the companies are crashing and burning as a result of clashing with these tech giants.

TechCrunch reports that Daqri, the AR startup which made enterprise-grade AR headsets, “has shuttered its HQ, laid off many of its employees and is selling off assets ahead of a shutdown” which is reported to them by sources close to the company. TechCrunch says that they have also obtained an email in which the 10-year-old company tells its employees that “it was pursuing an asset sale and was shutting down its cloud and smart-glasses hardware platforms by the end of September”.

“I think the large majority of people who worked [at Daqri] are sad to see it closing down,” the report says and adds that “[I] wish the end result was different.”. In June 2017, it was reported that Daqri had raised $275 million in funding. However, we don’t have any details regarding the source of that funding but we do know that the funding has references to Tarsadia Investments, a private-equity firm in Los Angeles. Also, Tarsadia Investments is the only firm that is known to have taken part in this funding. According to the report, Tarsadia Investments had “taken controlling ownership of the firm after subsequent investments.”

Kenneth is an established technical expert with 11+ years of background in managing the overall designing & development of Machine Learning, Big Data, and AI-powered ventures. He is also an adrenaline junkie, so to refresh himself he loves to indulge in adventure sports. He is also the founder at Leadtagger, a creative agency based in California. You can reach him at sesengroup@gmail.com

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