ImagineAR Inc disclosed to its investors on Wednesday that it logged a calendar year performance of $775,000 in executed contracts. The Vancouver-based augmented reality company that helps businesses create instant AR campaigns is ending 2020 on a record high. Furthermore, it surpassed the previous high in terms of another KPI by bringing in close to $6 million through financing.
“Confidence in our augmented reality abilities was demonstrated by the capital markets with ImagineAR receiving record proceeds from financing in 2020 of approximately $6,000,000, including approximately $4.5 million from the exercise of warrants over this summer,” stated the company. Consequently, the company believes that it is “well-financed for growth to the end of 2021.”
ImagineAR CEO Alen Paul Silverrstieen remarked, “By every KPI, ImagineAR turned in its best calendar year performance ever. Despite the early negative impact to our sales pipeline as a result of COVID-19 shutting down live events, the pendulum swung quickly as sports teams, corporations and entertainers turned to augmented reality to generate new revenue opportunities through our platform’s ability to create direct mobile engagement and activations.”
“We are very proud of our performance from both a sales and technology development point of view,” he exclaimed.
The company’s audited 2020 financials for the fiscal year ended August 31, are going to be filed on SEDAR by the end of December. The entire value of its executed contracts worth $775,000 during the calendar year will not entirely reflect in the fiscal year financials since a few of these deals were closed beyond August 31.
Silverrstieen said, “Looking forward into 2021, though COVID-19 was a significant short-term catalyst in 2020, our pipeline clearly indicates it also accelerated the inevitable adoption of AR by two or three years, leading to our confident expectation that 2021 will see even greater increases than 2020.”
“We fully expect to deliver news related to new contract wins in early 2021,” he added.
The company shed some light on key new global partnerships which included:
- A five-year white label contract with SlapitOnAR, a company launched by Mike Vanderjagt along with a bunch of other sport icons
- A five-year white label contract with WaV Sports & Entertainment to develop the NFL Alumni Academy Subscription Mobile App
- A two-year partnership with Valencia CF of La Liga in Spain to install the ImagineAR SDK in December 2020
- A two-year partnership with Royal Sociedad of La Liga in Spain to install the ImagineAR SDK in February 2021
- A white label contract with Shoppers Drug Mart to facilitate company-wide training in 2021
- A strategic collaboration with Indian music superstar Ananya Birla to launch ImagineAR in India
The company also launched three key consumer AR campaigns in North America including the Jacob “Stitch” Duran promotion for the Fury vs. Wilder 2 Heavyweight Championship which became a major highlight of the year for them.
Follow us on LinkedIn
Read other Articles