Mix Reality ASCANIO receives new investment from KV Fund to expand tech team

Nicosia-based software developer company ASCANIO has received follow-on funding of €300,000 from Kinisis Venture Fund I, the first CySEC-registered venture capital fund focusing primarily on Cypriot startups.

ASCANIO joined the portfolio about a year ago and since then, the company has made a few crucial strategic moves including a pivot towards critical business enterprise solutions.

Among a few other large-scale projects, the company developed a proprietary SaaS [Software as a Service] training platform that leverages the latest innovation in mix-reality which is bound to redefine professional training and remote monitoring across several sectors and industries.

“There are a few companies internationally that are working on projects that will change the ways consumers and businesses interact and perform tasks using connected devices,” said George Tziazas, founder and CEO of ASCANIO.

“As you can imagine, entertainment, including gaming, are the default sectors expected to deliver revolutionary examples of mixed-reality applications, but we are focusing our energy, resources and expertise towards enterprise applications with global influence on how business critical professional training and remote access evolves in the future,” he added.

Tziazas shared that ASCANIO is currently working with a growing list of local, regional and international clients and partners including those from the maritime/shipping, education, and medical sectors.

“With our business vision and strategic plan now on a strong foundation, scaling our commercial and development resources are the immediate priorities,” said Minas Kyriakou co-founder and CTO of ASCANIO.

“The capital from the Kinisis Ventures Fund will be deployed to support and expand our technology teams so we can continue adding new and exciting training modules, features and functionality to our SaaS platform. We are excited about helping mix-reality technology breakthrough cumbersome legacy training technologies and methods because it is untethered, portable, unscripted, multi-user, and most importantly very realistic as it uses assets from both the physical and digital environment,” he concluded.

For example, in the maritime sector, ASCANIO’s Remote Access Platform with Microsoft’s HoloLens 2 goggles, ship owners and ship management companies can have remote access, viewing, monitoring, and data-sharing and able to facilitate real-time troubleshooting of technical issues on ships while at sea.

At the same time, ASCANIO’s Mixed Reality Training Platform, combines physical and digital assets to efficiently and effectively train, track and evaluate the performance of trainees in either single or team training sessions.

“Kinisis Venture Fund’s decision to make an additional investment into ASCANIO, is yet another indication of our commitment to supporting Cypriot disruptive technologies that are relevant and scalable beyond local and regional markets,” said Chris Droussiotis, senior managing partner with Kinisis Ventures and Kinisis Venture Fund I investment advisory committee member.