Deeptech 3D and Augmented Reality (AR) platform Avataar.me has raised Series A funding of $7 million from Sequoia Capital India.
Avataar.me was founded in 2016 by Prashanth Aluru, Sravanth Aluru, Gaurav Baid, and Mayank Tiwari. Avataar has a global AR partnership with Instagram and Facebook to collaborate on AR/VR integrations.
Sravanth, Co-founder, Avataar.me said, “Sravanth said, “We have always focused on creating a strong B2B2C experience. By 2019, when we saw an increase in smartphone penetration, we realised that AR experiences have a lot to offer other than just social media filters. There was an opportunity to change the way the retail industry functions. With COVID-19 and people avoiding stepping out, AR can give them an experience of shopping in store.”
Shailesh Lakhani, Managing Director, Sequoia Capital India, 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 were $1.5 billion – this is expected to grow 10X by 2023. Undoubtedly, the time for AR/VR is now, with ecommerce being one of the broadest applications. Using patented AI-based algorithms, the team at Avataar.me has developed the most comprehensive platform for enterprises to showcase their physical products and services digitally, driving better business outcomes. The Sequoia India team is thrilled to partner with Avataar.me and help power their vision of bridging the offline-online experience gap.”
The funding will be deployed towards creating cutting edge R&D product initiatives. They are also looking at strategic growth acceleration for brands across digital and digitally influenced commerce industries globally.