SmartVizX, a virtual reality (VR) solutions start-up, has raised over half a million US dollar or Rs 3.36 crore from Indian Angel Network (IAN) and Stanford Angels and Entrepreneurs India (SA&E India). The company builds 'immersive technology' solutions using VR for the real estate and other industries.
SmartVizX claims the company is the first virtual reality start-up and said the investment deal was over-subscribed in less than 20 minutes after opening.
The round was led by Saurabh Srivastava, considered as one of the architects of the IT Industry and entrepreneurial eco-system in India and co-founder of IAN, Mohit Goyal, Founding Member, IAN, and Ajay Lavakare, Member, IAN and Co-President of Stanford Angels & Entrepreneurs India. This is in fact the second investment by SA&E in India. Lavakare will also join the board of SmartVizX.
The virtual reality market is expected to attain a valuation of $150 billion by 2020 with multiple levels of functionality across sectors. With virtual reality hardware such as Samsung, Oculus Rift and HTC Vive releasing their consumer version kits and companies like Google betting big on developing tech suited to the space, the growth and adoption are expected to be exponential over the next decade or so.
“Our vision is to enable VR supported processes and decision making in business. We are further motivated by the fast adoption of this immersive technology by established brands which helps them engage better with their target audiences and consumers,” said Gautam Tewari, Founding Director, SmartVizX.
“The concept of virtual reality application for business is itself is a disruptive idea. The unique mix of architects and game developers at SmartVizX with the strategic expertise which the founders bring to the table makes us confident that they will be able to transform their vision into reality,” said Saurabh Srivasatava, speaking about the rationale to make the investment.
The funding is expected to be used to expand R&D and to launch a new Bengaluru center within the next few months. The funds will also be used to grow the team, including hiring a new R&D head and a Chief Technology Officer, that will innovate on products & applications across sectors.
The company claims that the key focus areas it over the next six months will remain the real estate and AEC industries, as well as the exploration of new avenues such as listing portals, e-commerce, and the furniture industry.
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Simar Singh is one of the youngest members of the BW team. A fresh graduate from IIMC, she also holds a degree in political science from LSR. She enjoys covering power, startups, lifestyle and a little bit of tech.
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