Virtual reality start-up SmartVizX raises over Rs 3.36 cr

Company builds 'immersive technology' solutions using VR for real estate and other industries

SmartVizX, a virtual reality (VR) solutions start-up, has raised over half a million US dollar or Rs 3.36 crore from Indian Angel Network (IAN) and Stanford Angels and Entrepreneurs India (SA&E India). The company builds 'immersive technology' solutions using VR for the real estate and other industries.

SmartVizX claims the company is the first virtual reality start-up and said the investment deal was over-subscribed in less than 20 minutes after opening.

The round was led by Saurabh Srivastava, considered as one of the architects of the IT Industry and entrepreneurial eco-system in India and co-founder of IAN, Mohit Goyal, Founding Member, IAN, and Ajay Lavakare, Member, IAN and Co-President of Stanford Angels & Entrepreneurs India. This is in fact the second investment by SA&E in India. Lavakare will also join the board of SmartVizX.

The Virtual Reality market is expected to rise to a $150 billion market by 2020 with multiple levels of functionality across sectors - some yet to be discovered.

"The concept of virtual reality application for business is itself is a disruptive idea. The unique mix of architects and game developers at SmartVizX with the strategic expertise which the founders bring to the table makes us confident that they will be able to transform their vision into reality," said Saurabh Srivasatava.

"Virtual Reality is no longer a future dream; it is already one of the biggest technology trends this year. SmartVizX has identified key sectors with immense need for virtualisation and has a head-start in developing innovative product applications to meet these needs. The opportunity is immense and the team at SmartVizX is very well positioned to tap it," said Ajay Lavakare.

The funding will be used to expand R&D and to launch a new Bangalore center within the first few months. The funds will also be used to grow the team, including hiring a new R&D head and a Chief Technology Officer, that will innovate on products & applications across sectors.

The key focus areas for the company over the next six months will remain the real estate and AEC industries but it will also explore new avenues such as listing portals, e-commerce, and the furniture industry to enable better visualisation of products & services and enable informed decision-making.

SmartVizX also plans to build further virtualization tools in addition to testing new methods of engagement through this immersive technology. SmartvizX was founded in February 2015 by Gautam Tewari and Tithi Tewari.