AR pioneer Blippar is going out of business

Pioneering augmented reality startup Blippar, once touted as a $1.5 billion British tech unicorn, has stumbled into administration. The company said that it failed to secure the funding it needed to reach profitability following a dispute with one of its shareholders. Corporate insolvency firm David Rubin & Partners announced on Monday that it was appointed as Blippar's administrators by a UK court. The AR startup crashed into administration, which is similar to corporate bankruptcy in the US, following tens of millions of dollars in losses and a disagreement between investors including Nick Candy's Candy Ventures, Qualcomm Ventures and Malaysian state-backed fund Khazanah. "Following their appointment, the Administrators are now exploring all possible options for the future of the business for the benefit of all Stakeholders," Paul Appleton, partner at David Rubin & Partners said.