VR and AR software company Masters of Pie has won a new funding round amounting £1.5m from Foresight Group and Williams Advanced Engineering.
The Masters of Pie technology allows VR and AR to be more efficiently used by professionals working in immersive design, production, review and training, across multiple enterprise verticals.
The Company was founded by Karl Maddix, CEO, and Matt Ratcliffe, Chief Product Officer, with a vision to build a collaboration platform to pull together these emerging technologies to bring a wide range of efficiencies to data-heavy applications.
The Company has developed ‘Radical’, a software add-in which can plug into existing enterprise software packages to add secure collaborative functionality for data-heavy 3D files.
The Fund’s investment will enable the Company to continue to develop Radical for application in more industries and expand on its commercial partnership channels, accelerating product innovation and improving its software monetisation across multiple channels.
Commenting on the investment, Chris Wiles, Senior Investment Manager at Foresight, said: “We are delighted to support Masters of Pie in the next stage of its ambitious growth strategy. We continue to be impressed by Karl and Matt’s vision of real-time collaboration with data-heavy 3D files and are excited by the value-add expertise which the Fund can provide to help Masters of Pie deliver on this vision.”
Matthew Burke, Head of Technology Ventures, Williams Advanced Engineering, added: “Our engineering design and manufacturing teams work on complex programmes with customers and suppliers across multiple locations and are acutely aware of the challenges of remote collaboration. We are therefore delighted to support the growth of Masters of Pie and its Radical 2D/3D collaboration platform which has the potential to transform the engineering workflow process.”
Karl Maddix, CEO and Co-Founder, Masters of Pie, said: “The backing of Foresight and Williams Advanced Engineering, along with participation of RBVC, brings financial acumen and world-renowned expertise in engineering design and manufacturing to Masters of Pie as we continue to expand the use of Radical.
The team is delighted that an engineering pioneer like WAE has given us its backing – we are looking forward to working closely with its team going forward.”
Legal advice for the deal was provided by Sanjeev Sharma, Adam Leszczynski, Tom Wilde and Chris Moakes at Shoosmiths LLP.