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California-based virtual reality startup GridRaster today announced nearly USD 2 million in seed funding from top tier VCs in US and India to strengthen product development and enhance customer reach.
GridRaster's seed round of funding saw participation from top VC firms, including Exfinity Ventures, Lumia Capital, Pipeline Capital, NexStar Partners, Unshackled Ventures and Explorer Group, as well as strategic angel investors.
GridRaster is currently working with a select group of customers including Osterhout Design Group (ODG), Steel Wool Studios, multiple telcos and others in the industrial, aerospace, automotive and retail industries, it said in a statement here.
"We are excited about the VR software market opportunity, which is pegged around USD 35 billion by 2025 but is today limited by device limitations around compute and battery," Shailesh Ghorpade, managing partner and CIO of Exfinity Ventures said.
"The GridRaster team is trying to solve this device limitation by intelligently harnessing the compute power on the edge and centralised cloud to power compelling experiences, a challenging proposition which truly excites us", he added.
GridRaster is founded by Rishi Ranjan, Dijam Panigrahi and Venkata Ramana Dass, alumni from Georgia Tech, IIT Kharagpur and VJTI, Mumbai, who bring a combined experience of 40 plus years of experience.
The team has 11 international patents to their credit, it said.