The tech community has been rocked by the sudden administration of a major augmented reality (AR) company.
Blippar, once regarded as a ‘unicorn’ in the industry, has entered administration following a funding dispute with a key shareholder.
Funding Dispute and Administration
Blippar, a UK-based technology firm, has entered administration after facing a funding row with one of its shareholders. The company announced that it needed additional funding to carry out its plans, but a major shareholder voted against it. Consequently, Paul Appleton and Paul Cooper from David Rubin & Partners were appointed as joint administrators.
Official Statements and Immediate Impact
In a blog post, Blippar expressed its deep regret over the situation, stating, “We’re saddened to announce that Blippar has gone into administration today. We’re eternally grateful to all our team members, customers, partners, our board and investors who have been with us on this incredible journey.” The statement also highlighted that the administrators will seek to find a buyer for all or parts of the business.
Blippar’s History and Achievements
Steph Rhee, an Oculus employee, reminisced, “Blippar was my first intro to AR many years ago – I remember thinking, this is magic. Had it not been for Blippar’s devotion to lower barriers and increase accessibility to AR, who knows, I may have never embarked on my path to AR/VR.”
The Final Days and Employee Layoffs
All Blippar employees were made redundant as part of the administration process. At its peak, Blippar employed more than 300 people, but only 75 staff members were reportedly employed at the time of administration.
Community Reactions and Industry Impact
The closure of Blippar serves as a reminder of the challenges even the most promising tech companies can face.
Future Prospects
Stakeholders and industry experts will be closely monitoring the situation as it unfolds.
Reflections on Blippar’s Legacy
Many believe that despite its untimely end, Blippar’s innovations will continue to influence future AR developments.
Summary and Final Thoughts
The company’s journey, innovations, and ultimate challenges offer valuable lessons for tech entrepreneurs and investors alike.
The downfall of Blippar is a poignant reminder of the volatility in the tech industry.
While its future remains uncertain, Blippar’s legacy in the AR space is undeniable.
