Masters of Pie, an enterprise-focused AR/VR studio, announced its secured £3.6 million (~$4.7 million), something the company says will help double its development team and add support for cloud streaming and IoT data to its flagship product, Radical SDK.
The funding round was led by Foresight Williams with participation from Downing Ventures, Bosch Ventures and existing angel investors. According to Crunchbase, the latest round brings Masters of Pie’s total funding to £5.2 million (~$6.8 million).
Founded in 2011 in London, Masters of Pie started out as a service company creating R&D prototypes and products for blue chip companies using the tools and knowledge from the gaming industry.
The studio later honed in on virtual reality with the release of the Oculus Rift DK1 back in 2013, although it wasn’t until 2016 that the studio stopped taking service-based work and consolidated its effort into a new enterprise-focused platform, Radical SDK, which is aimed at helping companies collaborate on live ‘heavy’ 3D data sets in AR and VR.
“Our ambition was for a scalable product which would change the way enterprise as a whole collaborates,” founder and CEO Karl Maddix says in a press statement. “This led us to change tactics and build out Radical from the ground up as an SDK that we could license to larger, more established software providers who already sold en masse to our target customer base, but lacked the ability to easily add this new real time support natively to their own software platforms due to technical debt.”
With the investment, the studio says it will also expand its business into industries such as architecture, engineering, construction, healthcare and the energy sector.
