Avataar, a leading AI and computer vision platform focused on spatial visual discovery, has raised $45 million Series B funding led by Tiger Global with participation from Sequoia India. Notably, this is one of the largest fundraising exercise in the applied 3D and artificial reality space. The latest funding brings the total funds raised by the firm to about $55.5 million across all funding rounds.
Founded by Prashanth Aluru, Sravanth Aluru, Gaurav Baid and Mayank Tiwari in 2014, the San Francisco and Bengaluru-based startup powers direct-to-consumer brands and e-commerce marketplaces to shape up their consumer journeys with 3D rendition of products. The firm integrates Avataar’s plug-and-play technology into into the websites and mobile apps of its client partners which helps customers to visualize the products in its real-life size and feel in their living room using the phone’s camera.
Underlining the need to move towards a life-size virtual 3D world, Avataar Founder and CEO Sravanth Aluru said,” More than 60 percent of human sensory neural processing is visual in nature, and the lack of spatial depth on flat screens today drives a big experience gap between the digital (static 2D images and videos) and the physical world experiences”.
“The digital world is undergoing a fundamental shift from static 2D content to a life-size virtual 3D world which is dynamic and super imposable onto our shared physical reality,” he added.
“For the first time in history, we are now able to detect, understand, augment and manipulate consumers’ physical reality using a live camera feed. While our patented AI/CV capabilities are applicable to the overall Metaverse evolution, we have started with an upfront focus on redefining consumers’ shopping experiences. The platform will transform the consumer shopping experience at home on their mobile devices, through AR glasses/wearables, or even in a physical store exploring an infinite aisle of a digitally enabled catalogue.”