The Richmond-based venture capital firm NRV has led a $2 million investment round in a Norfolk startup business that makes augmented reality software.
The startup, Ario Technologies Inc., also announced Monday that it has been awarded a $1.5 million Small Business Innovation Research grant by the U.S. Air Force, bringing a total of $3.5 million of new funding to the company.
Founded in 2016, Ario Technologies develops augmented reality software tools, a technology that can be used in various environments such as manufacturing plants to enhance training, increase safety or improve production.
“You can create content for training that can then be used for production later on,” said Nate Fender, who co-founded Ario with Joe Weaver. The company employs eight people.
The investment “is going to help us accelerate our go-to-market and increase our sales and marketing in a couple of technical divisions,” Fender said.
NRV’s share of the investment in Ario Technologies was not disclosed.
Founded in 2011, NRV in 2017 assembled a $33 million investment fund, called its Early-Stage Growth Fund, with money raised from 83 investors across Virginia.
The venture capital firm has invested in other startups such as Richmond-based Envera, which offers software and services to health care providers that help them better communicate with patients and coordinate services.
From Richmond Times-Dispatch
By John Reid Blackwell
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