Avataar.me raises $7 million from Sequoia Capital India
Avataar.me an augmented Reality (AR) platform which helps large enterprise customers to enhance the shopping experiences, in its Series A funding round led by Sequoia Capital India, raised $7 million.
The funds gathered will be used to strengthen the research and development (R&D) efforts undertaken by the startup. The success of the startup till now is visible from the fact that it holds over 10 US patents for its plug and play platform.
The startup tries to add hyper-realistic 3D AR experiences to online shopping which will in turn bridge the gap between offline-online shopping experiences. Avataar’s platform aims at transforming the way in which consumers discover and engage with their products online to enable scalable product discovery.
Currently, more than 20 brands across the sectors including e-commerce, consumer electronics, automotive manufacturers, and FMCG majors across countries like the US, India, and Southeast Asia use its solutions across social, web, and in-app touchpoints. Sravanth Aluru, Founder & CEO Of, Avataar.me explained the opportunity they have in the future.
According to him by the end of 2019, there were about 1.65 billion handsets with built-in AR capabilities in consumer’s hands. Younger millennial consumers are attracted to AR/VR (virtual reality) and Avatar is uniquely positioned in the AR/VR industry to capture this opportunity.
Avataar leverage its AR and VR capabilities to allow its consumers of e-commerce firms to get a real-time look of furniture inside their homes, or even they could try fashion merchandise on their AR ‘Avataar’. According to Avataar, it is helping partners to double the conversion rates compared to the 2D videos of the same product.
In 2019, more than 300 million users were actively using AR. The expenditure on AR tools for creating social engagement for brands along with ‘try-before-you-buy’ experiences was $1.5 billion and this is expected to grow 10 times by 2023. Related:- 20 Online Business Ideas You Can Start Tomorrow
Shailesh Lakhani, Managing Director, Sequoia Capital India LLP said that the team of Avataar.me is using its patented AI-based algorithms, to develop the most comprehensive platform for enterprises to showcase their physical products and services digitally, driving better business outcomes.