The Sofia-based enterprise Virtual Reality startup, QuarkXR, is seeking to raise €1.5 million in a round of funding, with €725,000 already covered in that goal. Vitosha Venture Partners, a VC firm, and several unnamed backers contributed the initial €725,000.
Aiming to hit the first milestone of €875,000, QuarkXR has started an angel funding campaign on the SeedBlink angel network. The startup wants to ride the upcoming wave of enterprise XR use cases, which demand compelling specifications and interfaces.
The software from QuarkXR uses cloud-to-edge computing to render high-fidelity graphics and 3D modeling. It asserts that it can effectively transform any XR headset into a supercomputer. Since its founding six years ago, QuarkXR has worked with clients like Deutsche Telekom, Telnet, and Orange’s regional subsidiaries for France and Silicon Valley.
Joining forces with Orange in California shows that the US, which will have 135 million AR/VR users by 2020, is a promising market for XR-led enterprise innovations.
Virtual reality is frequently used for specialized training courses, such as medicine, whereas augmented reality can bring IT-driven context into real-world work environments, classrooms, and lecture halls. Extended reality (or XR), the combination of the two technologies, denotes the fusion of the real and virtual worlds.
The product from QuarkXR has received widespread praise. The startup, which NVIDIA has referred to as a ‘pioneer of cloud XR,’ was just accepted into the Bosch Startup Harbour ecosystem, expanding the potential for using its XR in future-of-work, AI, and IoT settings.
“In order to further develop the potential of our technology and enter new markets, we are in the process of raising the remaining €150,000 from SeedBlink members,” said Krasimir Nikolov, co-founder and CEO of QuarkXR.
“We are extremely happy to have the support of strong associates like Vitosha Venture Partners and to have been among the approved companies to join SeedBlink,” he added.
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