AR platform Avataar raises $7M Series A investment led by Sequoia Capital India
3D and Augmented Reality (AR) platform Avataar.me has raised Series A funding of $7 Mn from Sequoia Capital India. The new funds will be deployed towards creating cutting edge R&D product initiatives.
“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.
The platform creates online experiences by replacing current 2D visuals with life-size and super-realistic 3D XR/AR experiences. In a conversation with YourStory, Sravanth said, “We have always focused on creating a strong B2B2C experience. By 2019, when we saw an increase in smartphone penetration, we realised that AR experiences have a lot to offer other than just social media filters. There was an opportunity to change the way the retail industry functions. With COVID-19 and people avoiding stepping out, AR can give them an experience of shopping in store."