Property tycoon Nick Candy
bought Blippar for a fraction of what it was once valued at, it has been
The Times claims that the company was ‘sold to Candy for a song’ as he paid just £450,000 for the IP of the company which had previously been valued at £760m.
Blippar went into administration
at the end of last year. It was said that in its previous financial year it
made losses of £14.3m on sales of £2.3m.
Blippar has previously been hailed as a ‘tech unicorn’. Its technology allows users to scan objects with a phone and then view associated AR images. This, together with its AI and visual search functions, has applications in marketing and advertising including in property.
However, there are tech experts who believe that the technology, though exciting, lacks that much commercial appeal to marketers and advertisers. So, while £450,000 may indeed seem cheap for tech that was once so highly valued it still represents something of a gamble on Candy’s part.