Help Lightning, a remote visual assistance software leader, has just secured an additional $3 million in growth equity from its Series A funding round - a show of trust and backing for remote visual support and opportunity for the technologies that help make it possible.
The additional growth equity fund shortly follows the $8 million Series A led by SaaS return investor Resolve. In its latest financing round, Help Lightning has secured support from two new strategic investors: Larsen & Toubro, an engineering and infrastructure giant, based in Mumbai, India, and Engage, a corporate venture platform based in Atlanta, Georgia. With the investment from the staunch supporters, Help Lightning can focus more on realizing its growth initiatives and speed up its already aggressive product road map.
A Remote Visual Assistance Service to Watch Out For
Help Lightning's latest $3M investment round creates the company's second consecutive year of double-digit revenue growth. The company continues to innovate and lead the rapidly growing market for remote assistance software. This translates to Help Lightning having a 104 percent growth in the number of its clients during the same period.
The emerging industry leader boasts a next-generation platform for remote visual assistance by using augmented reality. Through this technology, Help Lightning can virtually insert an expert on-site, anytime, anywhere. Its patented merged reality feature has a video-based interactive environment where the user - or the person in need of help - can "meet" an expert via video call. The merged reality, or the combination of two separate video streams, together with 3D annotation, allows both parties to communicate in real-time. The expert can even "reach out and touch" the object that the user is currently working on. Additionally, the expert also uses hand gestures and even brings in tools to make helping the user easier and more convenient for both parties.
An Increasing Necessity Against Pandemic-Specific Disruptions
"Companies across the globe have been forced to replace long-standing operations with technologies that provide an effective alternative in how on- and off-site services are managed," explains Dr. Hasit Joshipura, SVP & Head of Larsen & Toubro's Corporate Centre & Innovation Fund, in a Help Lightning press release. He adds that the company they've supported offers a "powerful, more efficient alternative to small- and enterprise-level field service operations," which eliminates the need for experts to visit the site, especially in the "New Normal' following the pandemic.
"Our investment in Help Lightning was driven by the demonstrated ROI businesses with the company's patented remote visual assistance software and its proven effectiveness in the growing virtual assistance market," the L&T exec adds.
Meanwhile, Help Lightning CEO Gary York explains that the market was already growing before the pandemic. However, the emergence of COVID-19 accelerated the need to shift to digital solutions, serving as a global catalyst for the use of remote visual assistance software. He adds that the market is only growing as companies begin to understand that operations will never go back to pre-pandemic times. The new normal highlights the value and need for these solutions.
"This new growth capital of ours is a testament to the market growth and we are incredibly proud of and grateful for our partnerships with all of our investors - existing and new," York added.
