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Noida-based SmartVizX, a virtual reality solutions startup, has raised over $500K from the Indian Angel Network (IAN) and Stanford Angels & Entrepreneurs India (SA&E India).
The round was led by Saurabh Srivastava (Founder IAN), Mohit Goyal (Founding Member & Director- IAN) and Ajay Lavakare, (Co-President of Stanford Angels & Entrepreneurs India). With this, Ajay Lavakare will join the board of SmartVizX.
SmartVizX was founded in February 2015 by Gautam Tewari and Tithi Tewari. Both founders are veterans in the space of architecture and design, each with over 15 years of experience. The company builds unique ‘Immersive Technology’ solutions using VR for the real estate and other industries.
SmartVizX aims to help brands and companies do smarter business by implementing virtualisation solutions. Their solutions help brands achieve massive success by enhancing consumer experiences and influence decision-making.
The Virtual Reality market is expected to rise to $150 Bn by 2020, with multiple levels of functionality across sectors.
Investor Ajay Lavakare, said “Virtual Reality is no longer a future dream; it is already one of the biggest technology trends this year. SmartVizX has identified key sectors with immense need for virtualisation and has a head start in developing innovative product applications to meet these needs. The opportunity is immense and the team at SmartVizX is very well positioned to tap it.”
SmartVizX has worked with Rockworth, Quikr, PNB Metlife, and Developer Group, etc, and is upbeat about helping brands utilise potential of VR applications and creating products to maximise business outcomes.
The newly raised capital will be used to expand R&D and to launch a new Bangalore centre within few months. The funds will also be used to grow the team.
Over the next six months, the company’s focus will remain on the real estate and AEC industries. It also plans to explore new avenues such as listing portals, e-commerce, and the furniture industry. SmartVizX also plans to build further virtualisation tools in addition to testing new methods of engagement through this immersive technology.
The Indian Angel Network is an angel group with close to 400 investors from 10 countries. IAN has invested in over 55 startups over the last two years.
On the other hand, Stanford Angels & Entrepreneurs India (SA&E India) is an India-based Stanford University alumni association, which seeks to strengthen Stanford University’s startup community by fostering relationships among entrepreneurs and alumni investors.
Prior to this, Bangalore-based startup Infurnia, a provider of virtual reality technology for the furniture segment, raised $160K in a funding round from UAE-based venture capital firm Idein Ventures. Other startups working in the virtual reality segment are HomeLane, Absentia, CommonFloor Retina, among others.
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