The round was led by Saurabh Srivastava, Mohit Goyal, and Ajay Lavakare, who is joining the Board of SmartVizX.
The funding will be used to expand R&D and to launch a new Bangalore centre within the first few months. A portion of the capital will also be used to grow the team, including hiring a new R&D head and a CTO.
“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 of SmartVizX.
SmartvizX was founded in February 2015 by Gautam and Tithi Tewari, who are veterans in the space of architecture and design, each with over 15 years of experience.
It is a virtualisation startup that creates interactive virtual environment based on ‘Immersive Technology’ for business applications and facilitating novel consumer buying behaviour. The prime focus of SmartVizX is to help brands and companies do smarter business by implementing virtualisation solutions. Its solutions help brands enhance consumer experiences.
The key focus areas for the company over the next six months will remain the real estate, and AEC (architecture, engineering and construction) industries, but it will also explore new avenues such as listing portals, e-commerce, and the furniture industry to enable better visualisation of products & services and enable informed decision-making.
Its clients include Rockworth, Quikr, PNB Metlife, and Developer Group.
“VR is no longer a future dream; it is already one of the biggest technology trends this year. SmartVizX has identified key sectors with immense need for virtualisation and has a head-start in developing innovative product applications to meet these needs. The opportunity is immense and the team at SmartVizX is very well positioned to tap it,” said Lavakare.
The VR market is expected to rise to a US$150 billion market by 2020 with multiple levels of functionality across sectors – some yet to be discovered. With VR hardware such as Oculus Rift and HTC Vive releasing their consumer version kits, the demand for VR-driven content will grow exponentially.
VR hardware segment has seen a lot of action lately with release of Samsung Gear VR and preorders having opened up for the consumer versions of Oculus Rift and HTC Vive; VR content creation is a market that is ready to explode.
SA&E India is a Stanford University Alumni Association group based in India that seeks to strengthen Stanford University’s startup community by fostering relationships among entrepreneurs and alumni investors.