Mumbai: Avataar.me – a 3D and augmented reality (AR) platform, has raised USD 7 million (Rs 51 crore) in its Series A round of funding from Sequoia Capital India.
Avataar’s AR technology seeks to boost on-screen buying/browsing experience.The startup will utilize the capital towards further R&D. A part of the money will be also deployed for strategic growth acceleration for brands across digital and digitally-influenced commerce industries globally.
“To put the opportunity into perspective — by the end of 2019, there were about 1.65 billion handsets with built-in AR capabilities in consumers’ hands. This is creating an opportunity for AR/VR that didn’t exist 12 to 18 months ago,” said Sravanth Aluru, a co-founder.
The startup was launched in 2016 by Aluru, Gaurav Baid, and Mayank Tiwari.