VSight Raises €775K Seed Investment For Future Growth
VSight, a startup that relocated to Lithuania through a Startup Visa Lithuania program, has closed a €775.000 seed equity investment round raised from new and existing investors: Startup Wise Guys, Estonian Business Angels, and Cocoon Ventures. Since the launch, their product VSight Remote has been a success in 24 countries, used by over 108 companies. Through VSight Remote now businesses are able to ensure their continuity, increase operations efficiency and solve talent shortages. Their secure and enterprise-ready Remote Support solution connects front-line workers and service technicians with on-demand expertise.
With their Augmented Reality-based Remote Support solution, companies have full control over experts and technicians set up in the Admin Portal and increase workforce productivity up to 65%. Workers through VSight Remote integrated on smart glasses now are able to work hands-free. In addition, at the same time, they can use visual step-by-step instructions and 3D visualizations to perform service work such as replacing a pump faster and with a lower risk of errors than before. VSight, has experienced tremendous growth over the past 24 months as the needs of the remote workforce and immersive technologies became top priorities for digital transformation. In fact, the size of customer deployments grew more than 500% last year.
VSight Remote’s real-time effective solutions over the years, and especially during this pandemic, proved invaluable in driving innovation for business processes and service delivery. Their work was rewarded in sTARTUpDay Pitching powered by Estonian Business Angels where they have triumphed among 330 startups from 51 countries.
“The progress we have seen on VSight last year both in terms of product-market fit and international sales is just impressive. We believe VSight will reach 1 Mio ARR within the first half of 2022 and we are super happy to be able to continue supporting them as we have done as their first believer and investor.”- says Cristobal Alonso, Startup Wise Guys CEO.
Kristjan Raude, Lead Investor and Estonian Business Angels board member added, “EstBAN investors chose VSight as the best startup at sTARTUpDay Pitching event out of 300+ strong early-stage companies. We admire the strength of the core team, their business idea, and the traction they managed to get in a short period of time. We invested 350 000€ and looking forward to supporting the growth of VSight.”
“Cocoon Ventures together with the Cocoon Program sees a strong match between the founders of VSight and our vision to work with founders interested in self-growth through entrepreneurship.” – says Aleksander Tonnison, Venture Partner at Cocoon Ventures.