From the Wires
Allied Minds Introduces Precision Augmented Reality Works (“PAR Works”), a new technology company that has developed the fastest and most precise mobile software for the rapid-growth field of Augmented Reality
By: Business Wire
Nov. 13, 2012 09:15 AM
Allied Minds Inc., a premier U.S. investment company, is pleased to introduce Precision Augmented Reality Works Inc. (“PAR Works”), an award-winning subsidiary that has developed the fastest and most accurate mobile software for augmented reality, defined as the real time overlay of digital imagery upon photo and video data streams.
PAR Works offers an advanced computer vision analysis process that lets smart-device owners use images to retrieve customized, tagged information on any arbitrary building, product, street scene or object. Based upon research developed by renowned engineers at Virginia Tech, PAR Works’ technology can achieve millimeter-level accuracy with processing times of about one second, definitively surpassing the capabilities of other augmented reality software technologies developed to date.
As consumers and businesses have increased the use of mobile devices such as smartphones and tablets, appetites for on-demand content has grown exponentially. PAR Works’ Mobile Augmented Reality System (MARS), now in private beta, is a flexible solution that helps content marketers and developers meet this demand by expanding the use of augmented reality in mobile applications. MARS is an information conduit that enables the rapid delivery of precise information to consumers and users of information through the medium of user-generated photos.
For example, an automobile manufacturer could develop a digital version of their car manual with instructions. Consumers could then take a picture of their engine with their phone, and through an app have that photo immediately augmented with detailed visual instructions on how to jump start their car.
“Whether it’s a couple looking for their perfect home, a consumer trying to find the best deal on new jeans in the mall, or a construction manager requiring updates on all of her projects from a remote location, PAR Works’ mission is to deliver customized, real-time and accurate information to the end user to help them make better choices,” said Dr. Jules White, co-founder and Chief Scientist for the Boston-based company.
The unique architecture of PAR Works’ technology has received international acclaim. The Virginia Tech engineers that created the algorithms received the “Best Paper Award” at the 12th International Conference on Construction Applications of Virtual Reality (CONVR2012) in Taipei this month. This award recognized PAR Works as a forward-looking technology that offers considerable benefits in all stages of the Architecture, Engineering and Construction process, from initial planning and conceptual design to facility management and operations.
“As the judges at CONVR2012 recognized, PAR Works is poised to expand the adoption of augmented reality applications across numerous user groups, offering an unprecedented level of precision and speed to consumers and businesses who increasingly depend on “smart” mobile devices such as phones and tablets,” said Dr. Mani Golparvar-Fard, co-founder and Chief Technology Officer of PAR Works.
PAR Works has also been named an International CES Innovations 2013 Design and Engineering Awards Honoree. Products entered in this prestigious program are judged by a preeminent panel of independent industrial designers, engineers and members of the media for cutting-edge consumer electronics products across 29 categories.
Sponsored by the Consumer Electronics Association (CEA)®, the producer of the International CES, the world’s largest consumer technology tradeshow, the Innovations entries are judged on the following criteria:
PAR Works is among the Innovations 2013 Design and Engineering honoree products that are featured on http://cesweb.org/Awards/CES-Innovations-Awards.aspx, which lists product categories, as well as each product name, manufacturer information, designer, description, photo and URL.
PAR Works is now accepting applications for its developer program and MARS Application Development Contest. Participants will have the opportunity to access the software at the ground level and enter the world of augmented reality. Across multiple competition tracks, the company is offering total prize value of $25,000 in cash and travel expenses for the SXSW 2013 (South by Southwest) Conference in Austin, Texas, in March for developers to showcase their work. For more details, visit http://www.parworksapi.com/?q=node/5.
More information about PAR Works, including demonstration videos on its application in the real estate, automotive, construction and advertising industries, can be found at www.parworks.com.
About PAR Works
PAR Works brings augmented reality to a new level, offering digital imagery overlay accuracy to the ground-breaking precision of millimeters, all performed nearly instantaneously on any arbitrary mobile device. PAR Works technology is based on research developed by Dr. Jules White, Dr. Mani Golparvar-Fard, and Mr. Hyojoon Bae at Virginia Tech. For a product demo, please visit www.parworks.com.
About Allied Minds
Allied Minds is a U.S. investment firm that deploys private equity to form, fund, manage and build start-ups based on early-stage technologies developed at renowned U.S. universities and federal research institutions. Allied Minds serves as a diversified holding company that supports its businesses with capital, management and shared services, and is the premier investment firm to utilize this novel and fully integrated approach to technology commercialization. More information about the Boston-based company can be found at www.alliedminds.com.
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