Honeywell and Evergy Ventures Invest in Librestream to Advance Industrial Workforce Transformation

Rhea-AI Summary

Librestream, a leader in augmented reality solutions, announced strategic investments from Honeywell (NYSE: HON) and Evergy Ventures (NYSE: EVRG). These investments aim to enhance workforce transformation across various industries. CEO John Bishop emphasized the increasing focus on remote workforce digitization. Honeywell's investment builds on their existing partnership, while Evergy Ventures seeks to innovate within the energy sector. The collaborations are expected to drive operational efficiencies and safety improvements through Librestream's advanced solutions.

Positive

• Strategic investments from Honeywell and Evergy Ventures enhance Librestream's growth potential.
• Librestream recognized as a top provider in remote expert and knowledge management tools.
• Partnerships expected to lead to increased operational efficiencies and safety in the energy sector.

Negative

• None.

WINNIPEG, MB, Feb. 9, 2021 /PRNewswire/ -- Librestream, the leading provider of augmented reality (AR) and remote collaboration solutions, secures strategic investments from Fortune 100 technology company, Honeywell (NYSE: HON), and Evergy Ventures, a nonregulated subsidiary of leading U.S. energy company, Evergy (NYSE: EVRG). The strategic investments facilitate deeper learnings for Librestream and enable the groups to work together advancing transformation initiatives across industries.

President and CEO of Librestream, John Bishop, explained, "While Industry 4.0 initiatives traditionally focused on digitizing factories and facilities, the business impact of remote workforce digitization is drawing increased attention at the executive level. Honeywell and Evergy Ventures recognize both the vital importance of workforce transformation as a fundamental part of their strategy and our expertise in remote expert assistance. We will draw from their experience and leadership positions to inform and accelerate our growth strategies."

Honeywell's strategic investment expands on its existing partnership with Librestream, while Evergy Ventures begins a new relationship with Librestream to accelerate digital transformation within the energy sector. Through their research, Evergy Ventures identified Librestream as the top provider of remote expert and knowledge management tools. Librestream stood out from competitors across high impact use cases including "see-what-I-see" remote inspections, digital workflows, learning and training, knowledge capture and analytics, and hands-free operation.

"The energy sector is undergoing profound transformations enabled by new emerging technologies. We invest in companies that make this transformation more accessible, efficient, and valuable for our utility and customers," said Dennis Odell, Vice President of Evergy Ventures. "Our strongest partnerships come from growth equity investments in revenue-generating businesses that are primed for expansion, and Librestream squarely hits those marks. This strategic partnership gives us a direct line of sight into the market and into a solution that is hugely transformative, drives operations and maintenance efficiencies, increases safety, and can be deployed at scale."

Charles Vaslet, Partner at clean tech venture capital firm, Emerald Ventures, a Librestream investor since 2016 adds, "These strategic investments from Honeywell and Evergy are a clear indication of the value placed on workforce transformation initiatives at scale. Adoption of remote workforce solutions were growing strongly prior to COVID-19, and the pandemic served as a catalyst for further demand. We expect these strategic investments will inspire further growth at scale across industries, and positions Librestream for expedited growth."

About Librestream
Librestream transforms workforces through advanced AR and AI solutions that scale knowledge across businesses to enhance safety, efficiency and resiliency. With the Onsight augmented reality knowledge platform, Librestream helps workers and distributed teams gain immediate access to the content, people, relevant data, and guidance needed to solve business challenges. Librestream's global Forbes 2000 customer base includes energy, manufacturing, service, aerospace, and defense enterprises with aggregate annual revenues totaling $3.2T. The company has been honored with recognition including ranking as the #1 AR remote assistance solution provider by independent research firm, Verdantix, named an IDC Innovator, and winner of the Field Service WBR Innovation Award. Visit Librestream at www.librestream.com and connect with us on LinkedIn, Facebook & Twitter.

Librestream Press Kit: https://www.dropbox.com/sh/a42jxspe0x7c4cc/AAAoQlFyzlflI2E19FxaH1Uva?dl=0

Contacts

Michael Farino
Lightspeed PR for Librestream
michael@lightspeedpr.com

Sarah Ekenberg
Director, PR & Communications, Librestream
sarah.ekenberg@librestream.com

 

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SOURCE Librestream

FAQ

What companies invested in Librestream?

Honeywell and Evergy Ventures have made strategic investments in Librestream.

What is the focus of Librestream's partnership with Honeywell and Evergy Ventures?

The partnership aims to advance workforce transformation across various industries.

How does Librestream's technology benefit the energy sector?

Librestream's solutions drive operational efficiencies, enhance safety, and support digital transformation in the energy sector.

When was the investment announcement made?

The investment announcement was made on February 9, 2021.

What is Honeywell's ticker symbol?

Honeywell's ticker symbol is HON.

What is Evergy Ventures' ticker symbol?

Evergy Ventures' ticker symbol is EVRG.