Metaverse and augmented reality (AR) builder platform Adloid has raised $4 Mn from Chiratae Ventures (Formerly IDG Ventures, India), and Lenskart Vision Fund as part of its Pre-Series A funding round to fuel its growth and product evolution.
The round also saw the participation of EaseMyTrip cofounder Prashant Pitti, Seeders, and 100x Entrepreneur.
The startup has also announced its rebranding to Metadome, a metaverse that will provide the no-code infrastructure to millions of creators and brands to build immersive experiences for the virtual world.
“The company will be expanding its product and tech teams and inviting the creator community to build a metaverse which can host 1 Bn experiences a day by 2023,” it said. The startup also plans to strengthen its customer success and delivery in North America and other geographies to support its enterprise offerings.
Metadome is built for all virtual experiences that allows people to create, experience, collaborate, learn, play, work, and trade virtual goods and estates, and much more, it said.
CEO & founder of Metadome, Kanav Singla said, “We are using our existing expertise in augmented reality, artificial intelligence, and computer vision to build a one-one mapping of the real world and creating an experience of life beyond the real world”.
Metadome, formerly Adloid, was founded in 2016 Kanav Singla, Prashant Sinha, Shorya Mahajan as one of the early players in augmented reality globally focussing on bringing life-like AR experiences to all smartphones.
Cofounder & CRO, Prashant Sinha said, “Metadome will provide businesses newer ways of engaging their customers. The Metaverse is a persistent virtual world and shopping will be driven by 3D and Augmented Reality. The brands that work with us will be able to represent their entire portfolio and to allow Metaverse participants to truly engage with their products.”
Metadome has supported AR deployments across automobile, home-decor, beauty and accessories, and consumer electronics, partnering with Hewlett Packard, Tata Motors, Hero MotoCorp, Asian Paints, Titan Eyeplus, Royal Enfield, Cardekho among others, to create immersive 3D and AR experiences for their customers.
The startup claims to have reported organic growth of 3x on a year-on-year basis.
Cofounder & COO of Metadome, Shorya Mahajan, said, “The funding will add fuel to Metadome’s research and development efforts for enhancing the core competencies. We plan to add over 60 people in our tech/product team to an existing team of 90.”
With an increasing acceptance of the virtual world, the concept of Metaverse and augmented reality are gaining traction among businesses and individuals. Given the massive growth prospects, an increase in fund flow and significant acquisitions have been witnessed in recent times
Last month, Delhi-based blockchain startup OneRare which is building a ‘food metaverse’ raised $2 Mn in seed funding from angel investors and investment funds.
Recently, former Twitter India head Manish Maheshwari also announced a new venture (Invact) will focus on imparting employability training via a virtually immersive platform called Metaversity.
“Our vision is a high-quality and socially immersive learning experience for everyone, delivered to them wherever they are, at a price they can afford. I am looking forward to your support as we build the team and raise the funds to deliver on this #Metaversity vision,” he had tweeted.
The global metaverse market size reached $47.69 Bn in 2020 and is expected to reach $828.95 Bn in 2028, growing at a CAGR of 43.3%.