Avataar.me, a Bangalore-based startup building VR and AR-related tools to reinvent virtual exploratory experiences, has raised US$ 45 million in a Series B funding round led by Tiger Global Management on 7 January 2022.
Investors: The latest investment round featured Tiger Global Management as the lead investor. It also involved participation from Sequoia India. The startup has managed to raise, in total, US$ 52 million to date.
Purpose of the funding: The startup seeks to deploy 70% of the investment round proceeds to develop further its technology (research, product, and engineering). The remaining 30% will be utilised for expanding the global presence in the market.
Brought to existence in 2014 by Sravanth Aluru, Gaurav Baid and Mayank Tiwari, Avataar.me offers virtual and augmented reality offerings to e-commerce businesses to transform 2D videos and pictures into life-size 3D formats on social media, allowing its collaborators to eliminate the offline-online experience gap in online shopping. The firm’s back-end platform, SuperNova, flawlessly absorbs existing 2D videos/images across products such as fashion, furniture, electronics and large appliances, among others. It delivers a plug and play front-end experience for user visualisation of life-size 3D products. The digitally influencing platform is estimated to rise to US$ 18 trillion by 2025, providing a monetisation chance of over US$ 50 billion in the coming decade to robust platforms propelling the 2D to 3D commerce change.
What the Founder has to say: “Eyes account for over 60% of human sensory neural processing, and the absence of dimensional characters on flat displays, today, creates a massive experience anomaly between physical and the digital (fixed 2D videos and images) world experiences. The digital world is revolutionising from unchanging 2D content to a virtual and appealing 3D world, full of dynamism and superimposable on the common physical reality. Avataar envisages becoming the ‘Inside Engine’ fuelling numerous new customer lives in this change.”- Sravanth Aluru, CEO and Founder of Avataar.me.
What the Investor has to say: “Users continuously demand an optimised e-commerce experience, and the state-of-the-art technology developed by Avataar offers a robust plug and play service to its customers to fulfil this demand. With the shift of digital world from 2D to 3D, Avataar and its proficient management staff are well placed in the rapidly-growing market.”- Evan Feinberg, Partner at Tiger Global Management.
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