SECTOR: DIGITAL TECHNOLOGIES
Breakthrough Victoria is investing AUD$4.4 million in JigSpace, leading the $13 million round, joined by Aura Ventures and Anorak Ventures, with follow-on from existing investors including Rampersand, Investible, Vulpes and angel investor Hugh Bickerstaff.
JigSpace is a cutting-edge augmented reality (AR) company founded and developed by a talented team based in Victoria.
THE INVESTMENT
Investment type: Venture Capital |
Investment vehicle: Convertible note |
BV investment : USD $3,000,000 |
WHO IS JIGSPACE
JigSpace’s platform revolutionizes how complex products, processes, and concepts are communicated, enabling users of any technical level to create and share 3D renders and presentations.
JigSpace has already achieved remarkable success, featuring in four Apple keynotes, including Vision Pro, which launches in Australia today. JigSpace is also a pre-installed demo app on iPad and Vision Pro at all Apple store locations, worldwide.
This recognition underscores the superior capability of JigSpace's product and team, validating its position as a leader in the AR industry. Notably, JigSpace is the only productivity app on Apple Vision Pro to have been downloaded over 50,000 times, far surpassing other apps.
While conducting media interviews for the Australian release of the Apple Vision Pro, Apple CEO Tim Cook said the Victorian company was ‘doing incredible things…[and] something you can’t really do on a flat, 2D screen’.
THE PROBLEM
Computer-aided design (CAD) and similar formats rely on complex, unwieldy files only suitable for engineers and designers – they cannot effectively communicate products to customers for sales, marketing, and training purposes.
THE SOLUTION
The proprietary JigSpace platform helps users with any level of technical expertise, create and share 3D renders and presentations. Just as Canva simplified the 2D designing landscape, JigSpace aspires to do the same to 3D visualisation.
IMPACT FOR VICTORIA
This investment by Breakthrough Victoria into the Melbourne-founded company will drive growth in the burgeoning AR market and create up to 40 jobs by 2028, with the company expected to be employing 80 staff by 2030, including highly skilled technology, product development and core leadership roles.
Much like Canva transformed 2D design, JigSpace is poised to democratise 3D visualisation, with a particular focus on training, sales and marketing in the durable manufacturing sector, a market valued at US$1.5 trillion. The overall global spatial computing market is projected to grow at a CAGR of 19 per cent to US$519 billion by 2032.