Together with current investor Lumikai, Singularity AMC’s Large Value Fund III and Early Opportunities Fund co-led a $2.4 million fundraising round for AutoVRse, an industrial AI transformation platform.
In February 2024, the Bengaluru-based business raised $2 million in a seed fundraising round headed by Lumikai.
According to a press release from the company, the additional funds will be utilized to increase go-to-market initiatives in North America, strengthen connections with client infrastructure, and speed up product development.
AutoVRse, which was founded in 2016 by Ashwin Jaishanker and Adarsh Muthappa, uses VR modules, AI-powered smart glasses, and mobile applications to deliver AI-powered training and real-time field guidance for industrial operations.
Amazon, Shell, ADNOC, ExxonMobil, Bosch, and NTPC are among the more than 50 enterprise clients in North America, Europe, the Gulf Cooperation Council, and India that the company says have served over 500,000 users. With almost half of its sales coming from overseas markets and revenue climbing 250% year over year, AutoVRse claims to have crossed $8 million in ARR within a year of launching its global offering.
