The Indian AI and augmented reality startup, Avataar, has raised US$45 million in a series B round led by Tiger Global and the company’s existing backer Sequoia Capital India.
The company offers a platform called SuperNova that brings products to life using 3D product evaluation. The platform is extensively useful for eCommerce marketplaces and direct-to-consumer brands to provide their customers with unique product experiences.
For instance, a customer looking to buy a refrigerator can virtually place a life-sized version of the specific unit within their surroundings. They can further open and close its doors to get a fair idea about the positioning and even match different colors with the interior decor.
The company states that it expects the digital and digitally influenced marketplace to grow to US$18 trillion by 2025. Moreover, it foresees a monetization opportunity of more than US$50 billion over the next decade, considering the shift from 2D to 3D commerce.
Prashanth Aluru, Sravanth Aluru, Gaurav Baid, and Mayank Tiwari had founded the startup back in 2014.
The company had previously raised a US$7 million series A round in October 2020.
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