Augmented reality tech firm Blippar has gone into administration, it is reported.
Blippar has previously been described as a ‘tech unicorn’, with a claimed value of £1bn. Its technology allows users to scan objects with a phone and then view associated AR images. This, together with its artificial intelligence and visual search functions, has applications in marketing and advertising including in property.
The company was founded in 2011 by Ambarish Mitra and Omar Tayeb. It has received substantial funding support from a number of investors including property mogul Nick Candy’s Candy Ventures.
Administrators David Rubin & Partners say Blippar has gone into administration “effectively as a result of an alleged dispute over continued funding”.
There is little doubt that Blippar’s tech is impressive. However, there are tech experts who believe that the technology, however exciting, lacks that much commercial appeal to marketers and advertisers. So, ultimately, it is not as investable as it might appear.