Thu, 20 Dec 2018 | ADMINISTRATION
An augmented reality technology enterprise, whose technology was used in the production of the BBC’s Planet Earth II series, has fallen into administration over funding disputes.
Blippar, widely recognised as one of the country’s tech “unicorns” for being a start-up business worth more than US$1 billion, is said to have collapsed “effectively as a result of an alleged dispute over continued funding.”
Insolvency specialists David Rubin & Partners have been called in to handle the administration process, with partners Paul Appleton and Paul Cooper appointed as joint administrators.
A statement released by the insolvency firm said: “Following their appointment, the administrators are now exploring all possible options for the future of the business for the benefit of all stakeholders.”
Blippar was established in 2011 by Ambarish Mitra and Omar Tayeb, and at the height of its ventures, employed 300 people and was valued at US$1.5 billion. The company raised the majority of its finances from investors Qualcomm and a sovereign wealth fund from Malaysia.
The company itself champions augmented reality technology, which allows users to point their phones at inanimate objects and use Blippar’s app to convert it into an animation, offer useful information, or conjure an advertisement.
However, what was once considered to have the most ground-breaking technology with the most potential to thrive in the UK’s tech space, Blippar now competes with a range of other companies which offer similar platforms and services.
As alternative options are being sourced for the business, a Twitter post from Blippar said: “We are saddened to announce that Blippar has gone into administration today.
“We’re eternally grateful to all our team members, customers, partners, our board and investors who have been with us on this incredible journey.”
For more news stories about administrations click here. For all our administrations listings, click here.
This well-established IT services business offers a robust portfolio including IT support, broadband, and software licensing, with strong partnerships with top manufacturers like HP, Samsung, and Apple. It boasts a solid customer base with a high ret...
This established business, known for its client-focused approach and cutting-edge solutions, is now available for sale due to the Director's emigration plans. This opportunity is ideal for an existing organisation seeking a strategic acquisition in t...
This well-established Apple Authorised Service Provider offers hardware repairs and software support services, attracting a loyal customer base nationwide, particularly strong in Southern England.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.