IRVINE, Calif., January 10, 2017 – Candy Lab, the award-winning augmented reality technology company, signed a deal today with Orchard Capital Partners to bring its groundbreaking location-based augmented reality technology to the UK and Ireland.
Augmented reality technology is making exciting inroads across the globe and Candy Lab began its search for the right partner to bring its cutting edge technology to the UK market during the second half of 2016. Orchard and Candy Lab first met in London in October 2016 and quickly realised they shared a common vision for the tremendous potential for the technology. The deal provides Orchard with the exclusive opportunity to drive the growth of location-based augmented reality throughout the UK and Ireland.
“As a technology company, this is the best way to get our AR engine in the hands of those who want it and can implement mass adoption”, said Andrew Couch, CEO of Candy Lab. “We believe everyone should have access and the opportunity to experience augmented reality. License agreements are a large part of our 2017 strategy as we look for the right partners, who understand the needs of the industry, our somewhat complex technology and how brands can adopt the technology and give their customers immersive experiences. Orchard came with a lot of knowledge of the space, the right relationships and most importantly the passion that we have in Candy Lab”.
Adam Kulick, Managing Partner of Orchard said “The popularity of Pokémon Go has proven the potential for location-based augmented reality to excite, entertain and educate broad segments of the population. We are thrilled to be working with Candy Lab and are already fielding strong interest from brands and agencies about using this powerful and innovative technology to engage and grow their customer base and audiences.”
Industry analysts predict that revenues from augmented reality are set to reach 150 billion dollars by 2020 which could be the driving force for the interest in the AR engine that Candy Lab built and owns.
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About Candy Lab:
Candy Lab is an award winning location-based, augmented reality company. We have built the only Augmented Reality engine that combines GPS and Beacons and a content management system. Our Augmented Reality technology is used to power mobile games and apps. We advocate for brands to create immersive experiences to deepen customer engagement. Learn More at www.candylab.com
Orchard Capital Partners is a media-focussed boutique investment and advisory firm. Specific areas of expertise include digital media, virtual reality, augmented reality, film and television.