Virtual reality-based prop-tech startup Foyr has raised $3.8 Mn in Series A funding led by property consultancy JLL and other individual and non-institutional investors.
Foyr, which is a technology platform for visualising real estate spaces, will use the proceeds to enable deeper integration of its proprietary technology in real estate projects and for expansion of the brand in global markets.
Founder and CEO Shailesh Goswami stated, “We are thrilled to get funds from the strategic investors like JLLwhich will be pivotal in our expansion to newer markets in India andabroad. Real Estate is a high value transaction and we empower real estate buyers to make informed decisions by providing advanced technology to builders, architects & developers for visualization of their projects.”
He added that with the latest round of funding, Foyr will enhance its technology stack and launch new products by next year.
A Quick Look At Foyr
Founded in 2014 by Shailesh Goswami, the startup offers creative visualisation of real estate spaces. It also offers customised interior design and end-to-end execution services. Headquartered in Hyderabad, Foyr is currently operational in Hyderabad, Jaipur, and Pune.
It offers a custom compression algorithm solution, an interactive 3D engine, and an AI enabled language solution that creatively describes the spaces to be designed, aimed at creatively conceptualising user’s living spaces.
Users can upload their floor designs on Foyr’s website and get custom designs for free. Once the user decides to go ahead with the final implementation of the design, the startup claims to offer complete and hassle-free interior design solutions within the next 45-60 days.
JLL India Real Estate Technology Ventures has made its maiden Foyr in October last year. It had earlier raised about $598K (INR 4 Cr) from housing accelerator, Brick Eagle. Following that, in May 2015, it secured about $898K (INR 6 Cr) in its Pre Series A from Astarc Ventures.
According to a report by Technopak, home furnishings will be a $30 Bn market in India by 2020, which also includes modular fixtures and décor products.
Foyr competes with startups like MyGubbi, Livspace, Urban ladder, Pepperfry, Housify and Furdo among others. Bengaluru-based Livspace, also launched its ‘Home Design Automation Platform’ last year which allows the startup to automate complete design workflow, generate invoices through ecommerce integration and provides online 2D and 3D designs.
Thus in this competitive market, how fast can the funding raised from JLL help Foyr to expand will be interesting to watch out for.