Bangalore and San Francisco-based Avataar.me, an Artificial Intelligence and Computer Vision platform focused on spatial visual discovery, has now secured $45 million in a Series B funding round led by Tiger Global with participation from Sequoia Capital India.
The company, as of now, has plans to use the new funds for growth capital. Around 70% of the funds will be going to be used towards technology innovation of research, product and engineering, while 30% of the funds will going to be used to expand the platform's global footprint.
The company also revealed predominantly services the US market and is working closely with the enterprise leaders across the commerce logistics.
This new funding round brings the total funds secured by the firm to around $55.5 million across all funding rounds.
Avataar.me was founded in the year 2014 by Prashanth Aluru, Sravanth Aluru, Gaurav Baid and Mayank Tiwari. It is a platform that powers the global e-commerce marketplaces and D2C brands. The company helps the consumers by offering life-sized 3D product evaluation paired with interactive feature discovery. Avataar said that its platform provides a play and plug integration into the website and mobile applications of its client partners.
Avataar platforms act as an inside engine powering multiple user experience shifts to interactive life-size Web 3.0, which is also known as Metaverse.
Avataar’s proprietary platform acts as an ‘Inside Engine’ powering multiple user experience shifts to interactive life-size Web 3.0, also known as the Metaverse.
Sravanth Aluru, Founder and CEO, Avataar commented,
“More than 60 percent of human sensory neural processing is visual in nature, and the lack of spatial depth on flat screens today drives a big experience gap between the digital (static 2D images and videos) and the physical world experiences. The digital world is undergoing a fundamental shift from static 2D content to a life-size virtual 3D world that is dynamic and superimposable onto our shared physical reality. Avataar aims to be the ‘Inside Engine’ powering many new consumer journeys in this shift.”
“Consumers continue to look for a better ecommerce experience, and the innovative technology created by Avataar provides a powerful plug-and-play solution for its customers to meet this demand. As the digital world shifts from 2D to 3D, Avataar and its talented management team are well-positioned in this fast-growing market,” said Evan Feinberg, Partner at Tiger Global.