As per an ET report, post funding, Sashi Reddi, MD, SRI Capital will join Imaginate’s board of directors. The latter’s early Seed investor, IIIT-Hyderabad has exited the startup with this round of funding.
The company plans to deploy the funds towards industrial training, design, and maintenance in markets in India and US.
Commenting on the development, Sashi Reddi, MD, SRI Capital said, “Imaginate’s collaboration platform NuSpace is like theWebex of VR and AR. It will revolutionise the way people collaborate and learn by leveraging the best of both – a physical classroom-like environment and the ease of a digital conferencing platform like Webex or Skype.”
Founded in 2011 by Hemanth Satyanarayana, it is an augmented reality-based technology enterprise that offers innovative visualisation products and services which enhance the consumer experience of reality across retail, advertising, and entertainment.
Its products include Dres.sy, a collaborative platform to enable fashion shoppers to virtually try out clothes and also share the experience on social networks; GiftAR, a mobile gifting app for virtual video message augmented on physical pictures; FirstShow, an application-based AR platform to show movie trailers on printed posters or digital posters; and LivAR for enabling open liver surgery using augmented reality.