Hyderabad based Virtual Reality startup got Venture funds

Virtual Reality : SIRI Capital, the top company executive told Techcircle got venture funds by Imaginate Technologies, Inc, an augmented reality (AR) and Virtual Reality (VR) startup. They are investing 3.35 crore ($500,000). “The funds will be used to scale up operations in the US and run pilots with large-scale organizations,” Imagination’s managing director Hemanth Satyanarayana said, adding the company was looking to raise more capital next year.

Sashi Reddi, the managing partner and the founder of Siri capital will join imagination’s board to initiate the transaction. International Institute of Information Technology (IIIT), Hyderabad, which invested in the Indian subsidiary of Imaginate Software Labs Pvt. Ltd four years ago exited in the funding round.

In manufacturing point of view, the industrial training and collaborative designs are used my Imaginate’s product NuSpace. Its technology can be used to provide individualized Virtual Reality and AR solutions to those in the retail, healthcare, defense, education and entertainment segments, among others. The Hyderabad-based company has worked with the likes of MetLife, Aditya Birla Group, Aga Khan Foundation and the Indian Army in the past. Satyanarayana, who founded the company in November 2011, is an alumnus of Virtual Reality and Indian School of Business.

SIRI Capital had earlier invested a total of $1.3 million (Rs 8.8 crore) in YellowDig and Zuppler, two US-based companies that operate on the software-as-a-service (SaaS) model. In the same week, it had invested in WorkApps, an enterprise workflow collaboration firm. Startups using Virtual Reality and AR to solve problems have received a lot of investor interest of VR game studio Xanadu Heights Inc. secured seed investment from Dheeraj Jain, managing partner at London-based investment firm Redcliffe Capital, in November 2016 Foyr.com, a Hyderabad-based online interior designing and home décor startup that uses AR and Virtual Reality, has raised funding from a new real estate technology investment vertical set up by property consultancy firm Jones Lang LaSalle (JLL) India. Readmore

Author: Elyuxen

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