Nick Candy, the property tycoon, has acquired the remaining assets of Blippar, a failed technology startup, after it collapsed into administration last December.
Candy is already a major shareholder in the business. He now owns the intellectual property assets of Blippar and its various brands. His venture company said that it would be deployed into a new business.
Ambarish Mitra, the chief executive of Blippar, will stay on as the head of the startup, with several former team members and original engineers of Blippar also being transferred.
The augmented reality (AR) startup filed for administration last December following a dispute over the continued funding for the business, which Candy Ventures claimed to be Khazanah Nasional Berhad, the Malaysian sovereign wealth fund.
Paul Appleton, the administrator, said that the sales process for Blippar had drawn a considerable number of bids. Candy Ventures did not reveal the financial details of the acquisition, however, it is believed to be much less than the pre-existing valuation of Blippar of more than $1.5 billion (£1.2 billion).
Mitra commended the news as a “hugely positive outcome” for Blippar. He said that the firm would concentrate on augmented reality as its most sustainable revenue stream. Previously, the startup had flirted with artificial intelligence and aspire of building a visual search engine for smartphones.
The statement from Candy Ventures said that Blippar would develop an AR creation and publishing platform that will be known as Blippbuilder. It will enable anyone to create AR regardless of their previous technical experience.
Blippar was considered as one of the original startups of the United Kingdom when it was launched in 2011. It has since worked on various major projects including the Planet Earth II series of the BBC.
A spokesperson for Candy Ventures stated: “The augmented reality market is growing exponentially and Blippar was an early innovator and leader in this space.”
He added: “Rish and the team built a
great business which had to adapt to the challenges of a constantly evolving industry. With the right application of its powerful AR technology, there is huge potential for the new company to drive innovation in AR and position itself at the forefront of the industry.”