SUMMARY
The funding round also saw participation from cofounder of TensorFlow and Inference.io Rajat Monga, Jumper.ai’s founder Yash Kotak, MD of Accenture Dhiraj Bansal among others
The startup will be utilising the fresh funds to enhance its foundational enterprise product, VRseBuilder
It will also be looking to double down on its expansion efforts in the United States and expand their product suite and team size
Virtual reality (VR) and augmented reality (AR) startup AutoVRse has secured $2 Mn in a seed funding round led by Lumikai.
The round also saw participation from cofounder of TensorFlow and Inference.io Rajat Monga, Jumper.ai’s founder Yash Kotak and MD of Accenture Dhiraj Bansal.
The company will use the fresh funds to enhance its foundational enterprise product, VRseBuilder.
Founded by Adarsh Muthappa and Ashwin Jaishanker in 2016, AutoVRse builds customised VR/AR application for enterprises looking to utilise the tech for experiential marketing, training and skill development and design reviews.
The company has also launched a game titled District M, the Multiverse Dance Festival – a social, multiplayer, rhythm VR game. The game’s demo was launched on the Oculus AppLab two years ago and will soon be launched on Meta and Playstation. The gaming division works closely with the enterprise division to leverage innovations for enterprise product development, the company said.
Further, it will be looking to double down on its expansion efforts in the United States and expand their product suite and team size. It aims to set up a B2B sales team in the US to drive qualified lead generation and facilitate market expansion.
“VR wields transformative potential across diverse industries. Our enterprise solutions focus on increasing the sense of safety and making work and training fun, especially for factory workers, who are at the core of all large-scale manufacturing companies. With the help of this funding, we will be able to use VRseBuilder to its full potential, and we can also present District M to the world. As we continue to push the limits of immersive technologies, we are in for an exciting journey,” Muthappa and Jaishanker said in a joint statement.
Salone Sehgal, founding general partner of Lumikai, said, “AutoVRse’s technology and solutions for enterprises compete with global best. Their focus on innovation and providing scalable, VR-led solutions for very real problems facing heavy industries coupled with their innovative, state-of-the-art gaming labs is a powerful combination in building a world leader in VR experiences. At Lumikai, we are super excited to be lead investors and partner with Ashwin, Adarsh, and the AutoVRse team to build a world-class, enduring AR/VR company,” Lumikai’s founding general partner Salone Sehgal said on the investment.
Lumikai had launched its second fund with a total corpus of $50 Mn back in June. Sehgal had said that the fund will largely be deployed to invest in 18-20 early-stage companies over the course of next few years.
