Existing investors Rampersand, Investible and Singapore multi-family investment firm Vulpes have led a $5.2 million expansion capital round for JigSpace which provides a 3D and augmented reality image creation platform.
The Melbourne company, which launched its technology in 2020, claims to be the world leader in its space. JigSpace plans to use the new capital to expand its commercial team and accelerate global expansion.
Over the last 12 months, JigSpace has focused on making its technology accessible to any electronic device. Using the JigSpace platform, 3D presentations can be created in minutes.
Most of the customers for the SaaS platform are now Fortune 500 businesses. These include Medtronic, Panasonic, PepsiCo and ThermoFisher Scientific. According to JigSpace, many of these customers have incorporated use of ‘Jigs’ created on its platform in marketing, sales and product support. More than 300,000 Jigs have now been created in 83 countries.
Rampersand co-founder and managing partner of Paul Naphtali said: “It’s been quite stunning seeing how some of the world’s most innovative companies are blown away by the JigSpace software. Augmented reality has been a while coming, but in this environment, where cost and efficiency is key, Jig is becoming business critical for companies with a product or prototype to demo, saving them money and increasing impact. As an investor, we are hugely excited to see Jig as a productivity tool, which is where value really grows, and we know things are only just getting started.”
JigSpace co-founder and chief executive Zac Duff said: “Jig has become part of the business-as-usual practice for innovative companies across the world as they look for greater efficiency and higher impact. Companies are shortening their sales cycles, lowering customer support costs, and reducing the transportation costs of physical products. This round of funding will help us reach even more industries and help them transform their businesses.”
Last year the Alfa Romeo Formula 1 team named JigSpace as an official partner to give fans hands-on experience of their car. Through the partnership, the team quickly recognised other ways the Jig technology could be used in their business.
The team’s head of marketing and communications, Stefano Battiston said: “Millions of fans can get up close to our F1 car from their living room, thanks to JigSpace. We’ve recently expanded its use to more departments. Our sales team use it to close multi-million-dollar sponsorship deals by showcasing our branding opportunities in incredible detail.”
The JigSpace platform now has over five million individual users.
Image: A visual from the Alfa Romeo Formula 1 Jig.