Avataar raises $45M in a Series B round from Tiger Global, Sequoia Capital India
San Francisco and Bengaluru-based Artificial Intelligence (AI) and computer vision platform Avataar today announced that it has collected $45 million or Rs 334 crore in the US-based Tiger Global and Sequoia Capital India. Sequoia is an early investor.
According to the statement, Funding is one of the major rounds of fundraising in the Applied 3D / AR area.
It was founded in 2014 by Prashanth Aluru, Sravanth Aluru, Gaurav Baid, and Mayank Tiwari, with the aim of creating a realistic picture of the life-size of our physical world that can live together in the visible world and further the paradigm shift in visible global reach.
The Avataar platform empowers a wide range of global e-commerce markets and leading D2C products, shaping the consumer journey with 3D product-life product testing that is compatible with the acquisition of interactive features.
With its patented distribution platform, Avataar claims to offer plug-and-play integration on its client websites and mobile apps. The launcher claims that their platform works as an ‘Internal Engine’ which enables the knowledge of many users to switch to Web 3.0 interactive life-size, also known as Metaverse.
Through this sponsorship round, Avataar will focus on technological innovation and expanding the global platform space.
“More than 60 percent of human sensory processing is naturally occurring, and the lack of depth of space on flat screens today creates a huge gap between a digital experience (2D static images and videos) and world knowledge,” says Sravanth Aluru. , Founder and CEO, Avataar.
“The digital world is making a tremendous transition from dynamic 2D content to the 3D world that is dynamic and unparalleled in real life. Avataar aims to be an ‘Internal Engine’ that enables the journey of many new customers in this transition, ”said Sravanth.
The Avataar’s SuperNova Background easily imports 2D product images/videos into all categories such as furniture, appliances, large appliances, fashion, etc., and provides plug-in and pre-integrated playback to visualize avatars of life-size avatars -3D product scale. .
According to the statement, the digital and digital marketplace space is expected to grow to $ 18 trillion by 2025, providing the opportunity to generate more than $ 50 billion over the next ten years in basic 2D to 3D commerce shifts.
Commenting on the investment, Evan Feinberg, Tiger Global Partner, said:
“Consumers continue to look for better eCommerce experience, and the new technology created by Avataar provides a powerful plug and play solution for their customers to meet this need. With the digital world moving from 2D to 3D, Avataar and its talented management team are well-positioned in this rapidly growing market. ”
Avataar. I am leading the way in bringing the power of creating scales to the largest brands to allow for commercialization – a highly promising application in AR / VR environments. Sravanth, Gaurav, and Mayank have been delighted to work with them and Sequoia Capital India is delighted to reaffirm their commitment to their Series B rounds, “said Shailesh Lakhani, MD in Sequoia India.
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