Avataar.me, a 3D and Augmented Reality software that helps enterprise customers create immersive shopping experiences for end-users, announced that it has raised $7 million from Sequoia Capital India.
Founded in 2014 by Prashanth Aluru, Sravanth Aluru, Gaurav Baid and Mayank Tiwari, Avataar’s vision is to bridge the gap between offline-online experiences by replacing the current 2D visuals with life-size and hyper-realistic 3D XR/AR experiences.
“AR/VR has shown strong emotional connect with GenZ and younger millennial consumers, a segment that brands have struggled to engage with in recent years and a segment that has far more spending power today than they did five years ago,” said Sravanth Aluru, CEO of Avataar.me.
There are over 10 US patents behind Avataar’s plug and play platform, and the fresh funds will be deployed towards research and development initiatives, it said.
“In 2019, more than 300 million users were actively using AR. Spends on AR tools for creating social engagement for brands along with ‘try-before-you-buy’ experiences is expected to grow 10X by 2023. Undoubtedly, the time for AR/VR is now, with ecommerce being one of the broadest applications,” said Shailesh Lakhani, managing director, Sequoia Capital India.
The company works with e-commerce, consumer electronics, auto OEMs and FMCG majors across the US, India and Southeast Asia – driving significant RoI outcomes for marquee brands across these sectors by empowering XR & AR consumer experiences across all their touchpoints – social, web, and in-app.
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