CareAR, A Xerox Company raises $10M at $700M post-money valuation from ServiceNow
At a Glance
CareAR, a Xerox company, raised $10M from ServiceNow at a post-money valuation of $700M. Xerox, with the acquisition of CareAR, announced that CareAR would be a part of CareAR Holdings, which comprise of CareAR, Inc., DocuShare® and XMPie, and deliver high-quality service experiences for service employees and end-customers
Xerox Holdings Corporation, a document management technology provider, announced the formation of CareAR, A XeroX Company, consolidated under a single name, CareAR Holdings. CareAR raised a $10 million equity funding at a post-money valuation of $700 million from ServiceNow, a press release on the company website said.
CareAR is a SaaS provider of augmented reality tools for Service management teams. The CareAR Holdings would comprise CareAR, Inc., DocuShare® and XMPie. The expanded CareAR service experience platform would support workforces with visual tools and data access, required to deliver high-quality service experiences for service employees and end-customers consistently.
The CareAR service experience platform would combine the prowess of DocuShare’s content management system, XMPie’s cross-media platform, and Xerox’s PARC Alto AI artificial intelligence engine. John Visentin, CEO and vice-chairman of Xerox, stated that Xerox had positioned CareAR to deliver capabilities that service-intensive industries require, with real-time instruction, driven by predictive artificial intelligence and added,
“By creating a platform that is intuitive to a digitally native workforce, and with investment from ServiceNow, we believe CareAR will define and grow the Service Experience Management category, disrupting industries at a time when it’s needed most.”
Steve Bandrowczak, president and COO of Xerox, would become the chairman of CareAR and Sam Waicberg, general manager, the original founder of CareAR, would become its president. John Ball, senior vice president of Customer Workflows at ServiceNow, stated that customers have never before urgently needed workflows, which can deliver greater operational efficiencies, better customer and environmental outcomes and improved safety, and added,
“Our investment reflects our belief that CareAR has the potential to deliver world-class, enterprise-grade augmented reality. Customers using CareAR’s augmented reality to route work through ServiceNow’s leading workflow platform can better solve problems remotely, speeding resolution times and reducing the need for expensive on-site visits, which also reduces carbon emissions dramatically. Together, we’re delivering powerful enterprise service experiences for the new world of work.”