Retail

Avataar.me raises $7 million from Sequoia India


Avataar.me, a 3D and Augmented Reality software that helps enterprise customers create immersive shopping experiences for end-users, has raised $7 million from Sequoia Capital India.

Avataar’s technology aims to bridge the gap between offline and online experiences by replacing the current 2D visuals with life-size and hyper-realistic 3D extended reality/augmented reality experiences, according to the company.

Avataar brings spatial depth to the onscreen buying experience – delivering life-like photo-realism, mobile responsiveness, interactivity and personalization, it said.

The startup, founded in 2016 Prashanth Aluru, Sravanth Aluru, Gaurav Baid and Mayank Tiwari, spent four years developing their technology IP and launched commercially last year.

“AR/VR has shown strong emotional connect with GenZ and younger millennial consumers, a segment that brands have struggled to engage with in 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.

There are over 10 US patents behind Avataar’s plug and play platform, and the fresh funds will be deployed towards research and development initiatives, it said.

“In 2019, 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 is 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.

With physical footfalls muted by the Covid-19 outbreak, Avataar has seen higher demand, driven by digital and physical commerce industries investing more in digital and contact-less consumer purchase experiences. Next year, Avataar is looking to enter other major AR markets such as the UK, Germany and Japan, the company said.





READ SOURCE

Leave a Reply