Augmented Reality and 3D platform Avataar (Avataar.me) has received $7 million from Sequoia Capital India in Series A funding. According to the company, the funding will be used to create cutting edge R&D product creativities.
“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.” – Sravanth Aluru, CEO of Avataar.
Avataar develops online experiences by trading the 2D visuals with life-size realistic 3D AR/XR experiences. “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.” – Sravanth Aluru