Augmented reality (AR) start-up Flam on Wednesday said it has raised USD 3.5 million in a seed funding from Silicon Valley Quad, Inventus Capital Partners SV, 9Unicorns and Kwaish Ventures. The capital will be used to promote growth and user engagement on Flam’s new social media features, build a scalable next-generation AR engine, drive massive AR adoption, and expand to international markets, an official statement said.
It will also be deployed to build a high-quality team with expertise in computer vision, graphics engineering, GPS mapping, social media product development, including growth managers and 3D designers, the statement added. “Even as big tech companies double down on a variety of AR use cases, we believe that social media networking will play a key role in the massive adoption of AR. “This seed funding will enable us to drive this shift towards AR for social interactions,” the company’s co-founder and Chief Executive Shourya Agarwal said.
It launched its first consumer product ‘FlamCard’, which are printed user videos that can be turned into AR videos when scanned through the Flam app. “With more than 40 million FlamCard scans in three months, Flam is one of the world’s top-five consumer AR apps. We trust that our investment will accelerate the company’s growth trajectory. “We are excited to partner with a young team that is building a global consumer tech company from India,” Manu Rekhi, managing director of Inventus Capital Partners SV and also a board member of Flam, said.
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