Augmented Reality start-up Layar Raised €10m in Series B Round

Augmented Reality start-up Layar Raised €10m in Series B Round
Dutch augmented reality start-up Layar today announced it has secured €10 million ($14million) in a series B round of funding led by Intel Capital joined by existing investors Sunstone Capital and Prime Ventures.

Layar already received $3.4 million in a series A round (Sundstone and Prime Ventures) closed in February 2010 and about $1.3 million in seed funding from Sunstone in November 2009.

In a press release Layar today said that “the new funding will be used towards further development of the product and platform to drive meaningful content and usage of augmented reality. Specifically, the team will be focusing on working with developers and brands to make it easier to discover Layar content as well as further investing in the capabilities of the platform.”

Layar currently has 40 employees and over 1 million active users of its augmented reality browser. The company is not looking at a near term monetization of its service, preferring to invest in the development of the platform.

Watch our video interview with co-founder Raimo Van Der Klein (September 2010).

Tuesday, November 16th 2010

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