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Adloid raises $4mn from Chiratae Ventures, Lenskart, others

Adloid raises $4mn from Chiratae Ventures, Lenskart, others

Funding News

Adloid raises $4mn from Chiratae Ventures, Lenskart, others

Adloid, a metaverse and augmented reality builder platform for creators and brands, on Monday said it has raised USD 4 million (about Rs 30.3 crore) in funding from Chiratae Ventures, Lenskart Vision Fund and others.

With this round, Adloid is rebranding to Metadome and provide no-code infrastructure to creators and brands to build immersive experiences for the virtual world, a statement said. The pre-series-A funding also saw participation from Easemytrip co-founder Prashant Pitti, Seeders, and 100x Entrepreneur, it added. The company will also expand its product and tech teams and invite the creator community to build a metaverse that can host 1 billion experiences a day by 2023, the statement said.

Also read: Pi Green Innovations bags over USD 4.5 mln in Series A round

Founded in 2016, the company also plans to strengthen its customer success and delivery in North America and other geographies to support its enterprise offerings. “With Metadome, our vision is to build a new world so satisfying where people would want to live in it and not be forced to come. It resonates with our team’s life mission of solving the inherent problems of the real and virtual world,” Metadome co-founder and Chief Executive Officer Kanav Singla said.

He added that the company is using its existing expertise in augmented reality, artificial intelligence, and computer vision to build a one-one mapping of the real world and create an experience of life beyond the real world. Metadome will provide businesses newer ways of engaging their customers. The Metaverse is a persistent virtual world and shopping will be driven by 3D and Augmented Reality. The brands that work with us will be able to represent their entire portfolio and to allow Metaverse participants to truly engage with their products,” Metadome co-founder and Chief Revenue Officer Prashant Sinha said.

He added that for individuals and creators, the possibilities are enormous as they will be able to interact, collaborate, learn, play, work, create, trade, transact and buy virtual goods. Metadome is empowering brands with AR deployments across automobile, home decor, beauty and accessories, and consumer electronics, working with organisations like HP, Tata Motors, Hero MotoCorp, Asian Paints, Titan Eyeplus, Royal Enfield, Cardekho, and others to create immersive 3D and AR experiences for their customers. The company has witnessed a bootstrapped journey so far and growing organically by 3x year on year.

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