Meta releases a $250,000 “Mixed Reality fund” to nurture Five Indian Startups to build innovative technologies in the XR Ecosystem.
According to Sandhya Devanathan, Meta Vice President in India, “Meta is committed to building XR ecosystem in India. The Presence Platform is an integral part of the metaverse vision, aiming to make virtual experiences more tangible and accessible.” In the inaugural batch, Meta will put up $250,00 (approx. ₹2,05,07,050), and select up to five Indian developers and startups. These fledgling businesses will receive a financial ₹1 grant, along with dedicated mentoring and guidance from the Meta Reality Labs experts. In addition to the Funds and Mentorship, these Indian startups,” will also have an opportunity to upload their product to Quest AppLab and become part of Meta’s growing developer ecosystem. Selected startups will; also get an introduction to leading local venture capital funds at the end of the program.”
What Motivated Meta’s Decision to Fund Indian Startups Working in AR, VR, and MR?
Meta’s innovative platforms may not have reached their peak of success yet. But the company already owns Quest. Plus, it just announced the third Quest, which will follow after Quest 2 and Quest 2 Pro.
The world of AR, VR, and MR has become first nature to Meta. This accounts for the launch of the Quest VR gaming section. Based on its interests, the company seeks to overtake Apple in the Augmented Reality, Virtual Reality, and Mixed Reality markets.
To fast-track this, the company requires new platforms, apps, services, and products that will expand and reform the Quest experience. In addition, The company intends to speed up the creation and adoption of VR experiences in India with its recently released funds. The funding and mentorship will help startups and developers in India to become recognized globally. It will also scale products created quickly.
Indian developers and Startups dealing in XR technologies are welcome to participate in the Meta Mixed Reality program in India. Startups/developers shortlisted in the program will incorporate features developed by Meta. These features will be incorporated into the new or existing Meta Quest Apps. Some include Scene Understanding, Passthrough, Spatial Anchors, Shared Spatial Anchors, Voice SDK, Text-to-Speech, Interaction SDK for Hand Tracking, and Social Presence APIs.
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