Excited to share some big news. Upskill has just closed another round of financing. The investment includes major support from HorizonX, the newly formed corporate venture arm of Boeing, and GE Ventures along with existing investors including New Enterprise Associates (NEA), SineWave Ventures, and others.
To get such substantial financial participation, particularly from Boeing and GE, is a huge vote of confidence in our vision of AR wearables in industrial settings. It’s the culmination of the hard work that our team has put in over the past several years bringing our Skylight platform to market. It’s also a testament to the collaborative relationships that we’ve built with our customers over time and the value they are seeing today with our technology.
A key motivation of Boeing and GE’s investments are the results both companies already see using Skylight in real-world applications across their business. Boeing is experiencing quality and productivity savings north of 25 percent in complex manufacturing scenarios, and is quickly scaling our technology to other parts of the business to support MRO and distribution.
GE also has many wearables deployments with Upskill underway. In one early study, a MRI factory cut order completions in half after a warehouse worker tried Skylight the very first time. Similarly, in another facility within its renewable energy business, GE saw an immediate 34 percent jump in worker productivity when wiring a wind turbine top box.
What might be news to some is the impact AR technology on wearables is having in industry is real, is substantial and is happening today. Across multiple customers in different industries we are seeing an average performance improvement of 32 percent. With the typical cost structure in a manufacturing plant, implementing Skylight on smart glasses for 1000 industrial workers translates into $25 million dollars of return on investment annually.
With this infusion of new capital, we can invest in resources to expand our offerings and address the growing needs of our customer base. We will also be in a better position to accelerate production and grow our engineering and customer solutions teams to support rapid increases in enterprise wearable deployments globally.
There’s been a lot of talk about the impact of the fourth industrial revolution, from IoT to robotics to data analytics and AI. At Upskill, we want to make sure people are part of that conversation by giving them the capabilities to work side by side with smart, connected machines, and continue to bring the value of their skills, experience and judgment to the manufacturing process.
Today, we just took another step forward in achieving that mission. I’m excited to continue the journey.