Blippar picks up $37 million hoping to become profitable in the next year

Blippar, the AR startup that launched in 2011, has today announced the close of a $37 million financing led by Candy Ventures and Qualcomm Ventures.

The company started out by offering AR experiences for brand marketers through publishers and other real-world products, letting users unlock AR content by scanning a tag called a “Blipp”.

Blippar then transitioned to a number of different AR products, but took a particular focus on computer vision, launching a consumer-facing visual search engine that would let users identify cars, plants, and other real-world objects.

Most recently, Blippar has introduced an indoor positioning system that lets commercial real estate owners implement AR mapping and other content from within their buildings.

The AR industry has been in a state of evolution for the past few years, and Blippar has constantly reshifted and re-positioned to try and take advantage of the blossoming market. Unfortunately, several pivots have put the company in a tough spot financially.

BI reports that Blippar posted revenue of £8.5 million ($11.2 million) in the 16-month period up to March 31 2016, with losses of £24 million ($31.5 million). These latest rounds have essentially let Blippar keep the lights on while trying to pick up the pace on revenues. 

The company says that this latest round is meant to fuel the company’s race to reach profitability in the next 12 months. Blippar has raised more than $137 million to date.