- Avataar.me is a 3D Artificial Intelligence company that helps large enterprises to create immersive and interactive shopping experiences for their customers.
- The startup will use the funds to increase the research & development (R&D) in the platform.
Bengaluru-based 3D and AR (Augmented Reality) startup Avataar.me raises $7 million (Rs 51 crore) in its Series A funding round led by US-based venture capital firm Sequoia Capital subsidiary Sequoia India.
The startup will use this fresh capital to increase its research & development efforts in its product and services. Avataar.me already holds 10 US patents for its plug and play platform.
“AR/VR has shown strong emotional connect with GenZ and younger millennial consumers, a segment that brands have struggled to engage within recent years and a segment that has far more spending power today than they did five years ago,” said Sravanth Aluru, CEO of Avataar.me
“Last Year, more than 300 million users were actively using AR. Spends on AR tools for creating social engagement for brands along with ‘try-before-you-buy’ experiences are expected to grow 10X by 2023. Undoubtedly, the time for AR/VR is now, with eCommerce being one of the broadest applications,” said Shailesh Lakhani, Managing Director, Sequoia Capital India.
The startup claimed that the growth has increased by over 3x and has empowered over 15 crore end-user impressions in the last seven months.
Currently, Avataar.me works with giant tech companies such as Instagram, Facebook, Messenger, Snapchat, WhatsApp, Google ARCore, and other popular brands.
The startup looking to enter other markets such as the United Kingdom, Germany, France, and other European countries.
The startup is currently having its most of the clients from e-commerce, consumer electronics, automotive manufacturers, and FMCG sectors in the US, India, and other Southeast Asia regions.
About Avataar.me – Avataar.me is a Bengaluru-based AR and deep tech startup founded in 2014 by Prashanth Aluru, Mayank Tiwari, and Gaurav Baid. The startup enables large enterprises and businesses to create immersive and interactive shopping experiences for their end-customers.
Avataar.me uses AR technology that brings spatial depth to the onscreen buying/browsing experience – delivering life-like photorealism, mobile responsiveness, interactivity, and personalization.
The platform creates online experiences by replacing current 2D visuals with life-size and super-realistic 3D XR/AR experiences.
According to the GrandViewResearch report, The AI market size was valued at $39.9 billion in 2019 and is expected to grow at a CAGR (Compound annual growth rate) of 42.2% from 2020 to 2027.
The continuous focus and innovation by tech giants are driving the adoption of AI, ML, and advanced technologies in various prominent sectors such as logistics, automotive, healthcare, retail, finance, and manufacturing.
Avataar.me currently competes with similar startups such as Scapic Innovations, SmartVizx, Marxent, etc. Scapic is seen as one of the top Avataar.me competitors providing AR/VR services to businesses and enterprises.