Playshifu, a start-up focussed on augmented reality technology has raised USD 7 million (about Rs 48.2 crore) in funding led by Chiratae, Inventus Capital and Bharat Innovation Fund.
The series-A round also saw participation from existing investor IDFC-Parampara Fund, a statement said.
PlayShifu creates immersive augmented reality experiences for children to encourage early STEM (science, technology, engineering and mathematics) skills.
With USD 8.5 million raised to date, the company’s primary focus will remain on tech innovation, continued research on unique phygital interactions and new product developments. PlayShifu also plans to update current products significantly and expand the diverse retail presence from 15 countries to over 30 countries in 2020 and beyond,” the company said.
In this context, phygital refers to a combination of interactions through physical and digital mediums.
With two consoles (Shifu Orboot and Shifu Plugo) currently available, PlayShifu plans to introduce four more by the end of 2019. The company, which was founded in 2016 and has offices in Bay Area in the US and Bengaluru has a retail presence in markets like the US, Canada, the UK, Russia, Germany, Ukraine, Poland, Hong Kong, South Africa, Middle East, and Japan.
“We have an exhaustive product pipeline, an incessantly creative and passionate team of innovators, and now, the right partners to make a positive impact on the educational foundations of generations to come,” Playshifu CEO and co-founder Vivek Goyal said.
PlayShifu co-founder and Chief Operating Officer Dinesh Advani said the company is experiencing demand from international markets across the world, as the company’s products make early learning agnostic to markets and languages. “Our products make an instant connection with kids and parents alike.