Masters of Pie

Masters of Pie

Real-time extended reality (XR) collaboration software framework.

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DateInvestorsAmountRound
-investor investor

€0.0

round
investor investor

€0.0

round

$4.7m

Early VC
Total Funding000k

Financials

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Revenues, earnings & profits over time
USD2020202120222023
Revenues0000000000000000
% growth-27 %48 %-
EBITDA0000000000000000
Profit0000000000000000
EV0000000000000000
EV / revenue00.0x00.0x00.0x00.0x
EV / EBITDA00.0x00.0x00.0x00.0x
R&D budget0000000000000000

Source: Dealroom estimates

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More about Masters of Pie
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Masters of Pie, established in London in 2011, provides extended reality (XR) collaboration software for enterprise clients, particularly in data-sensitive industries like defense, manufacturing, and engineering. The company was co-founded by Karl Maddix and Matt Ratcliffe, who brought together their respective backgrounds in gaming animation and real-time 3D visualization. Their journey began after meeting at an agency in 2009 while working on an early digital twin prototype, which sparked the vision for a more integrated collaboration platform. Initially operating as a service company creating XR prototypes, the firm pivoted in 2016 to focus entirely on developing its core product, the Radical software development kit (SDK).

The company's business model centers on licensing its Radical SDK to large enterprise software providers. This strategy allows businesses to integrate real-time, immersive collaboration functionalities directly into their existing, secure platforms. Radical is designed to be data-agnostic, supporting both 2D and 3D data, and enables cross-platform use on augmented reality (AR), virtual reality (VR), desktop, and mobile devices. This approach bypasses the need for clients to export sensitive information from their secure environments, a key differentiator that addresses a major hurdle for adoption in high-stakes industries. By bringing the XR solution to the client's data, Masters of Pie facilitates use cases such as immersive design reviews, remote expert assistance, and virtual simulations.

Key milestones include a 2017 OEM agreement with Siemens to integrate Radical into its NX CAD software, which led to adoption by over 150 customers in aerospace and automotive manufacturing. The company has secured significant funding, including a Series A round in January 2020 that raised approximately $4.7 million, with participation from investors like Foresight Group, Williams Advanced Engineering, and Robert Bosch Venture Capital. This investment was aimed at expanding the development team and extending the platform's reach into sectors such as healthcare and energy. In March 2025, the company entered into voluntary liquidation.

Keywords: extended reality, XR collaboration, virtual reality, augmented reality, Radical SDK, enterprise software, data visualization, 3D data collaboration, Siemens NX, PLM integration, immersive design review, remote assistance, engineering software, defense technology, manufacturing technology, digital twin, real-time collaboration, Karl Maddix, Matt Ratcliffe, software development kit

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