VR/AR Startup GridRaster Raises US$2Mn Seed Funding From Exfinity & Other VCs
Palo Alto and Bengaluru-based virtual reality (VR) and augmented reality (AR) firm, GridRaster, has a raised a whopping US $2 million in seed funding from a group of venture capital firms including Exfinity Ventures, Lumia Capital, Pipeline Capital, NexStar Partners, Unshackled Ventures and Explorer Group.
As per the reports in TheDealStreetAsia, raised capital will be used by the firm for product development and marketing.
GridRaster provides the underlying compute and network stack to power high-end VR/AR experiences on mobile platforms by leveraging the edge cloud. The solution provides high-performance graphics with ultra-low latency while hugely improving battery performance. The technology drives mass adoption of VR/AR by dramatically improving the reach of exciting content and bringing breathtaking new experiences to users.
GridRaster technology works seamlessly with existing VR content creation technologies such as Unity, Unreal Engine, etc.
“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,” said Rishi Ranjan, founder, GridRaster, in a statement.
Founded by ex-Qualcomm employees Rishi Ranjan, Dijam Panigrahi and Venkata Ramana Dass, who are also alumni of Georgia Tech, and IIT Kharagpur, GridRaster claims to process high-end graphics 10 times faster than other stand-alone mobile AR/VR platforms currently out there in the world.
The firm has a team which has deep expertise in computer graphics, cloud computing, wireless infrastructure, video, mobile and software development with 10+ patents. It is currently working on ways of defining future of VR/AR infrastructure for mass adoption.
Last month, cricketer Chris Gayle picked up a minority stake in a Bengaluru-based AR start-up FlippAR. Gayle also invested an undisclosed amount in another Bengaluru-based AR start-up named IONA.