Blippar appears to have prevented a complete collapse following its dramatic descent into administration after it failed to drag collectively an emergency funding deal.

One of many AR startup’s important buyers, Sweet Ventures, has acquired the corporate’s property in a patent sale and shall be conserving the model alive beneath the management of founder Ambarish Mitra and “lots of Blippar’s authentic key engineers.”

Blippar could have blown up in dramatic style, burning via over $130 million in funding for its dream of constructing an augmented actuality empire, however it appears the brand new startup will proceed to deal with its previous haunts, particularly Blippbuilder, its SaaS AR creation platform. The corporate devoted vital efforts to capturing the buyer markets after attaining some success with their enterprise-focused platform, it’s possible {that a} reborn Blippar will strip down its efforts.

At one level, the startup had over 300 workers and claimed a $1.5 billion valuation.

Sweet Ventures is a UK-based portfolio of corporations and investments led by property tycoon Nick Sweet. The agency led Blippar’s $37 million Sequence E  in September and appears to have purchased into the corporate’s broader mission.

“Rish and the workforce constructed a fantastic enterprise which needed to adapt to the challenges of a constantly-evolving trade. With the appropriate software of its highly effective AR know-how, there’s big potential for the brand new firm to drive innovation in AR and place itself on the forefront of the trade,” a spokesperson for Sweet Ventures wrote in an announcement.

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