Augmented reality (AR) software firm Basemark has raised $23 million in a new funding round.
Based in Helsinki, Finland, Basemark makes augmented reality (AR) tools that help automotive original equipment manufacturers (OEMs) to develop AR applications for their cars via its Rocksolid AR software development tools.
The Series B round, announced Tuesday (April 9), will help Basemark deepen its business with OEMs in Europe and the United States and fund its expansion to Japan, China and South Korea, the company said in a news release.
“According to the World Health Organization, 1.19 million people were killed on roadways around the world in 2023,” the release said. “To improve safety and provide a more enjoyable driving experience, Basemark’s automotive AR software solution, Rocksolid AR, makes it fast, easy and affordable for OEMs to develop their own augmented reality applications for heads-up displays (HUDs) and other in-vehicle screens.”
Most AR solutions, the release added, have trouble anchoring AR content to the real world. Basemark said its solution includes “advanced localization and motion tracking mechanisms” to make sure AR content is always anchored correctly to real-life objects and appears in the correct position in the driver’s field of view.
“Additionally, Rocksolid AR has built-in algorithms to combat latency, which can make the AR content feel disconnected from the real world and cause motion sickness,” the company said. “It can also automatically understand safety-critical information in the environment and avoid blocking it with AR content to ensure a safe and immersive AR experience.”
The funding round is happening at a time when, as PYMNTS wrote in February, carmakers and tech companies are using things like AR, virtual reality and artificial intelligence to create even more immersive experiences for drivers.
“While legitimate concerns for security, safety implications and privacy persist, this trend has the potential to foster collaborations between the automotive and entertainment sectors, thereby paving the way for the emergence of entirely new ecosystems, heightened consumer engagement and diversified revenue streams,” that report said.
Elsewhere, PYMNTS recently examined the rise of the connected car, noting that despite data privacy and security concerns, the future of these vehicles remains promising.
“The potential benefits in terms of safety, efficiency and convenience continue to drive investments and research in this field,” PYMNTS wrote.
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