A Portland augmented reality app has added to its seed round haul.
Streem Inc. launched a seed round last year and this week landed another $2 million, bringing the total raised to $3.7 million.
Along with the new funds, Streem added four advisers who are well known in the augmented reality technology or home repair fields, the company’s two key plays.
The company’s customer base has jumped from "dozens" to "hundreds" since 2017 ended, CEO Ryan Fink said, and the capital and new advisers should help it keep up with demand.
Streem’s app allows plumbers, appliance technicians, electricians and other home repair workers to virtually assess situations before making house calls. Workers gather information by using the app to see the scene of the problem. They can also annotate the image with arrows and notes.
Streem’s app allows home services professionals to see what clients see, and make notes on the screen that both see in real-time.
Users pay a monthly subscription rate of between $19 to $59 per professional using the app. The subscription allows customers to invite as many as 10,000 of their own clients to use the app.
The app not only allows technicians to assess problems virtually, Fink said it is also a valuable training tool because more senior workers can provide a virtual assist to less-experienced employees who are on service calls and might need help identifying problems and solutions.
Fink, who launched Streem last fall, is a pioneer in Portland’s AR/VR community. He sold his last company, a gesture recognition technology called OnTheGo Platforms, in 2015.
Ryan Fink said his team’s experience will help the company thrive.
Investors in this round are software entrepreneur Stephen Marsh’s Archivist Capital, Oregon Venture Fund and Portland Seed Fund. Existing investors Flying Fish, Rogue Venture Partners and Betaworks Ventures also participated.
“They have consistently been able to execute toward their product and business plans," Marsh said in an email. "They have delivered new capabilities and have demonstrated their ability to build important partnerships in their industry. They also have an impressive list of users and customers representing a large market opportunity with multiple recurring revenue sources.”
The company expects to add three workers, including a VP of product and a lead sales exec, to its current team of 12. Streem operates out of the NedSpace coworking space downtown but expects to move into an office of its own office soon.
Fink will have an impressive group of advisers to tap as the company grows. His new advisory board consists of Serge Belongie, professor at Cornell University and visiting faculty at Google, who is known for his research in computer vision and machine learning; Christopher Croteau, general manager of the augmented reality business at Intel Corp.; Eric Doebele, founder of handymanonline.com and reliableremodeler.com; and Joseph Tou, vice president of the Sony Innovation Fund for Sony Corp. of America.
Fink co-founded Streem with Sean Adkinson, who was previously with the wellness company Provata Health, which was recently acquired by Merck. Jef Holove, formerly CEO of Basis Science, is Streem’s COO. His venture-backed wearables company was acquired by Intel for roughly $100 million.
“Between the team being more mature and experienced, the level of talent we can recruit has been unparalleled,” Fink said.