Virtual reality startup SmartVizX has raised Rs 10 Cr in pre-series A funding from Indian Angel Network’s IAN Fund and YourNest venture capital.
According to the company statement, the raised capital will be used for scaling up the product team and building additional capabilities in the product, along with international expansion.
Founded in 2015 by Gautam Tewari and Tithi Tewari, SmartVizX builds immersive technology such as augmented reality and mixed reality to help influence decision-making for real estate and other industries.
The NCR-based company has also announced the launch of Trezi, India’s first VR-based platform for architecture and interior design collaboration. With Trezi, architects, designers, contractors, real-estate developers, prospective buyers and tenants will experience the project’s design at full scale using its visualization, spatial awareness, interactivity with design elements and data management features.
“It is one of the first such VR platforms and will revolutionise the architecture-engineering-construction industry,” said Tithi Tewari, co-founder and managing director of SmartVizX.
Virtual reality and other immersive technologies are poised as the next big computing platform, set to dominate the technological landscape. According to Digi-Capital, a consulting firm that covers the industry, the global market for such platforms is expected to rapidly grow from about $20 billion today to over $150 billion by 2020. Goldman Sachs also estimates that the opportunity for Virtual Reality in the consumer real estate industry alone will be more than $2.5 billion by 2025.
“Trezi has the potential to become the default software standard for the industry. We were also impressed with how the team utilised the angel round they had raised towards building their technical team,” said Sunil Goyal, director and fund manager, YourNest Venture Capital.
SmartVizX had previously raised $500,000 (around Rs 3.4 crore) from IAN and Stanford Angels and Entrepreneurs India (SA&E India).