SmartVizX, an Indian startup, recognized as one of the most innovative Virtual Reality (VR) companies, has secured Rs 10 Cr in pre-series A funding from Indian Angel Network’s IAN Fund and YourNest for its next phase of global expansion.The company also announced the launch of Trezi, India’s first VR-based platform for architecture and interior design collaboration. Trezi is set to bring about a big disruption in the building industry.
Collaboration has been one of the biggest challenges in the building industry leading to waste in terms of resources, time and cost. With Trezi, architects, designers, contractors, real-estate developers, prospective buyers and tenants will experience the project’s design at full scale using its visualization, spatial awareness, interactivity with design elements and data management features. Trezi dramatically improves the understanding, communication and translation of interior design for all stakeholders in the design process, resulting in reduced errors and omissions, time spent re-visiting decisions, and material wastage.
Virtual reality, along with other immersive technologies such as augmented reality and mixed reality (AR & MR) is poised as the next big computing platform, setting to dominate the technological landscape. The global market for such platforms is expected to rapidly grow from about $20 billion today to over $150 billion by 2020, according to Digi-Capital, a consulting firm that covers the industry. Goldman Sachs estimates that the opportunity for Virtual Reality in the consumer real estate industry alone will be in excess of $2.5 billion by 2025.
Commenting on the funding, Tithi Tewari, Co-founder and Managing Director of SmartVizX, said, “This fund-raise will enable us to scale-up and help Trezi foray into global markets.”
SmartVizX started operations in 2015 aims to transform traditional, passive and static design visualization, communication and collaboration methodologies in the building industry. Trezi, the latest product offering from SmartVizX, uses virtual reality technology to close the gap between owners’ and operators’ expectations and the built design. It had raised angel funding of $0.5 million from IAN in 2016.
The IAN Fund, a Rs. 450 crore fund, invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, and hardware. Over the next 10 years, the IAN Platform would invest Rs 5000 crore in ~500 companies, making it the single largest platform for early stage investing, enabling companies to raise from Rs 25 lakh to Rs 50 crore on a single platform, providing startups funding through the most challenging stages of its growth.