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Invelon, the Spanish XR integrator based in Lleida, bought a majority stake in byAR in September 2026. byAR is a Portuguese studio that designs museum exhibitions and immersive heritage spaces.
The deal gives Invelon its first direct operations in Portugal, with byAR’s offices in Lisbon and Porto. It came about two months after Invelon bought Artefacto, a French AR and VR studio.
byAR builds the physical spaces around the exhibitions it designs. Its work covers interactive video mapping, immersive audiovisual installations, content production, augmented reality and virtual reality.
Its projects include the archaeology and ethnography museum in Elvas and the Fundação Côa Parque museum. It also built a Talha wine interpretation centre in Vidigueira, the Islamic baths centre in Loulé, the Nuri Sardine Tour in Matosinhos and the Faro Story Spot. In Spain, byAR made Arte Sem Limites, a temporary exhibition at the Museo Arqueológico Nacional in Madrid.
Pedro Pereira, byAR’s chief executive, stays on as a partner and becomes General Manager of Invelon in Portugal. Lisbon and Porto join Invelon’s Spanish offices in Lleida, Barcelona, Granada and A Coruña.
Baker Tilly Tech M&A acted as Invelon’s exclusive financial adviser. Diego Gutiérrez, a Baker Tilly partner in the technology sector, led the team.
Invelon bought the technology and assets of Onirix, an augmented-reality platform. Onirix continues to run as its own product.
At the end of July 2026, Invelon bought Artefacto, a French studio in augmented reality, virtual reality and 3D visualisation. Artefacto has traded for more than 20 years. It brought more than ten staff and clients in industry, architecture, culture and training. Invelon ranks it among the top five XR firms in France. The purchase formed Invelon France.
Invelon has also started sales teams in Poland and Romania. It already had offices in Bergamo, Miami and Querétaro, Mexico. Invelon calls itself the largest Spatial Intelligence platform in Europe and has set a revenue target of €40 million for 2026.
“The goal is to build an organisation ever closer to its clients, with local teams, technology and support, but also with greater capacity for international execution,” said Xoel Vázquez, chief growth officer and M&A director at Invelon, after the Artefacto deal (translated from Spanish).
Invelon said it will use byAR to take its Portuguese business beyond culture, into industry, education, robotics and what it calls Physical AI. It said it wants to repeat the model it runs in Spain, Italy and France.
Museums and heritage sites that work with byAR now work with a studio majority-owned by Invelon. Pedro Pereira, byAR’s chief executive, runs Invelon in Portugal. Invelon said on 1 September that it plans to keep adding markets over the next few years.
What did Invelon buy in its heritage XR studio acquisition? A majority stake in byAR, a Portuguese studio with offices in Lisbon and Porto. byAR designs museum exhibitions and immersive heritage spaces. The deal completed in September 2026.
Who runs byAR after the acquisition? Pedro Pereira, byAR’s chief executive, stays on as a partner. He becomes General Manager of Invelon in Portugal.
What other XR companies has Invelon acquired? Invelon bought the French AR and VR firm Artefacto at the end of July 2026, forming Invelon France. It also bought the technology and assets of the augmented-reality platform Onirix.
How much did Invelon pay for byAR? Invelon and its adviser, Baker Tilly Tech M&A, describe a majority stake. Neither gives a price or a percentage.
