A Noida-based VR (virtual reality) startup SmartVizX has reportedly raised funds amounting to Rs 10 crores ($1.45 million) in a pre-series A funding round. This funding round was led by YourNest Venture Capital and Indian Angel Network‘s IAN fund.
The company plans to use the funds so raised in boosting up the product team and also set up extra and additional capabilities to the product. Also, a part of funds will be utilized for international expansion as stated by Tithi Tewari, who is the managing director of the company.
Along with this, SmartVizX has also announced the inauguration of Trezi, which the company has claimed to be the first VR-based platform for architecture and interior design collaboration.
In this regard, Tithi said, “SmartVizX is the first Indian company to offer a VR platform which will revolutionize the architecture-engineering-construction (AEC) industry. Once a 3D model is passed through Trezi, it is created in a virtual environment which can then be accessed through a VR headset.”
With these innovations, the customers and suppliers will be able to go through the project better and get an improved sense of the product. The startup would be contacting the suppliers for uploading their VR catalogs into Trezi. This would make it a more efficient way for them to get in reach of the architects and designers.
Founded in 2015, SmartVizX offers virtualization service to its customers. However, witnessing a great demand for such products, the company worked hard at setting up its product team and also a VR product. Prior to this, the company had raised angel funding of $0.5 million from IAN in 2016.
Sunil Goyal, director & fund manager, YourNest Venture Capital stated, “Trezi has the potential to become the default software standard for the industry. We were also impressed with how the team utilized the angel round they had raised towards building their technical team.”
This is an emerging industry in India and this funding round will surely help the company to grow more and bring in more and more advancement and improvements in its product with the increasing demand and compete with the similar bug players like Imaginate, Foyr, Absentia VR, and Whodat among many others.