3D virtual reality startup pockets another $13 million

A Melbourne startup described as the Canva of 3D presentations has raised another $13 million as it becomes part of $6000 Apple headset.

The state government’s $2 billion venture fund, Breakthrough Victoria, led the round for Jigspace, tipping in $4.4 million, joined by existing investors including Rampersand, Investible, Vulpes and angel investor Hugh Bickerstaff.

The eight-year-old augmented reality (AR) app has pledged to create 40 jobs by 2028 as part of the government funding, amid ambitions to employ 80 staff by 2030.

Founded in 2015, Jigspace previously raised $5.2 million in April 2023, and a $6 million Series A this time three years ago. The company has now raised close to $28 million dating back to a 2016.

The platform enables user without the technical skills to turn computer-aided design (CAD) models into 3D presentations, called jigs, to use in a range of presentations from training to sales, marketing and product education.

Companies such as Volkswagen and Verizon have used the app, while the  Alfa Romeo F1 team used Jigspace to give fans a hands-on experience of their car.

The global spatial computing market is projected to grow annually by 19% to US$519 billion by 2032.

Breakthrough Victoria CEO Grant Dooley said “JigSpace is often referred to as the next Canva, and this investment is a testament to their potential to revolutionize the AR industry”.

Aura Investment manager Eric Tran said spatial computing will be a key part of the future of work.

“Combined with AI, the technology will revolutionise industries by adding unprecedented depth and immersion to data and content for collaboration and communication. If a picture is worth a thousand words, a 3D model is surely worth a thousand pictures,” he said.

“JigSpace is one of the most important companies as pioneers in this category. By democratising interactive 3D presentations for everyone they are taking us beyond what is possible today when it comes to knowledge transfer and communication.”