Private equity group Foresight has made a £3m investment into immersive technology specialist Aircards.
Aircards, a maker of both hardware and software, was founded in Newcastle in 2020 and employs 32 people.
Among the blue-chip customers of its immersive production studio are Pepsi, Visa and Delta Airlines.
It has also developed two key products: Invisionary, an interactive displays product that enables next-generation experiences through digital signage; and Metalitix, a data analytics tool.
The investment from Foresight is expected to increase jobs by 30% over the next few years and sees Euan Jarvie join the team as executive chair. His previous roles include as CEO of Dentsu UK&I.
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“We are delighted to have secured the investment from Foresight, which marks a significant milestone in Aircards’ journey,” said Michael Watson, founder of Aircards.
“Their support will enable us to accelerate our growth strategy, broaden our capabilities, and unlock new opportunities in the rapidly expanding immersive technology market.”
Jordan Lavender, senior investment manager at Foresight Group, commented: “Aircards has demonstrated strong growth since inception five years ago and Foresight is excited to support the highly talented team on their next phase of growth.
“The North East is home to many ambitious and innovative SMEs, and this investment marks a meaningful step in Foresight’s ongoing commitment to the region.”