Hungarian mixed reality pioneer receives €2.1mn venture capital financing

Hungarian mixed reality pioneer receives €2.1mn venture capital financing
Budapest-based AerinX’s smart MR technology (HoloLens2) allows precise aircraft inspection.
By bne IntelliNews July 22, 2020

Takarek Venture Capital Fund I., a member of commercial bank Takarek Group, has invested HUF700m (€2mn) in AerinX, a Budapest-based company, which provides a mixed reality (MR) system for streamlined aircraft inspections.

With the investment, the company is going to significantly accelerate its technological research and development as well as business development activities to enter international markets

The IT company's first product is an MR-based aircraft inspection system that supports the work of professionals in the external surface inspection of aircraft and other aircraft and related maintenance tasks.

The software is capable of precisely locating and measuring the damage and provides essential technical information about the damaged area.

The smart MR technology helps to limit inspection time by 80%, and reduces average costs by $70,000 on each inspected aeroplane, the company says.

The system has been used in a test run by the Hungarian-owned aircraft maintenance company Aeroplex of Central Europe (ACE). The software will also be tested in the US in the near future.

The proceeds could accelerate the company's market entry planned for 1Q21, co-founder of AerinX Bence Kiss Antal said, adding that until then, they will and develop, fine-tune and expand the aircraft screening system.

Marcell Horvath, executive manager of DBH Investment, which manages Takarek Venture Capital Fund I, said they see significant potential in the software developed by AerinX, which absolutely fits into the digitization taking place in the sector.

X-Ventures Gamma Venture Capital Fund, which previously raised capital in the company will continue to be the dominant owner.

AerinX incurred a loss of HUF4.2mn in 2019 on HUF5.45mn revenue.