Palo Alto, California and Bengaluru based startup GridRaster, bagged a seed funding of $2 million from a clutch of investors including Exfinity Ventures, Lumia Capital, Pipeline Capital, NexStar Partners, Unshackled Ventures and Explorer Group.
The startup works on enabling high-end virtual and augmented reality experiences on mobile devices, using multiple stack approach. The company plans to utilize the fund in the development of their product and its marketing.
The USP of the startup is its ability to host high-quality graphics, around 10 times better, the startup claims.
GridRaster claims it solves this problem by hosting the underlying infrastructure on the cloud and managing loads across servers independently. This helps to optimize VR/AR content within the available bandwidth at the lowest latency possible.
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Founded by Rishi Ranjan, Dijam Panigrahi and Venkata Ramana Dass last year, the company claims to have 11 technology patents to process high-end VR-AR content.
“With new capital, we will work towards maturing the product for specific enterprise and customer use cases as we continue to establish GridRaster as a standard platform of choice for cloud-powered high-end VR/AR. We will also look towards strengthening our development team,” Rishi Ranjan said in a joint statement.
The VR/AR software market is pegged around $35 billion by 2025. It is gaining popularity in India, where the well known cricketer Chris Gayle picked up a minority stake in a Bengaluru based AR startup FlippAR.
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