Dundee technology business takes significant minority stake in augmented reality firm
WARACLE, the Dundee technology business has taken a significant minority stake in augmented reality (AR) start-up Mozenix as it pushes revenue past the £10 million mark.
Waracle, which has been part of the Exception Group since 2016, plans to use the technology developed by fellow Dundee business Mozenix to allow it offer clients a wider suite of products. Mozenix was formed by Waracle co-founder Michael Romilly following the Exception acquisition. His brother, David Romilly is business development director at Waracle.
“We’re beginning to see significant demand from our customers to use AR and we’re always on the look-out for emerging technologies that will grow our expertise across digital products,” said David Romilly. AR technology is already being deployed across a number of industry sectors including retail, construction and oil and gas. Mozenix is currently working with Aberdeen-based Return To Scene (R2S), developing mobile AR apps that help to solve complex process efficiency challenges within the oil and gas sector. Mr Romilly said he expected Waracle’s turnover to be between £10.5m and £11m for 2017, up more than 50% on last year. Staff numbers have grown to 125, with the company opening a Glasgow office last year.
Waracle has also made an investment in blockchain startup Wallet Services.
“We’ve grown a lot, won a couple of financial services clients and we’re now looking at broadening our spread of capabilities, specifically around emerging technology, so now we can work across AR, blockchain, Internet of Things and voice,” said Mr Romilly.
Martin Burke, chairman of Exception and Waracle, has also become chairman of Mozenix.
Michael Romilly said: “the investment and support we’ll get from Waracle and Exception is going to be invaluable as we grow our company and AR offering.”