Chiratae Ventures, With Lenskart And Others, Invest $4M In Adloid
The round also saw participation from Easemytrip Co-founder Prashant Pitti, Seeders, and 100x Entrepreneur.
Chiratae Ventures(Formerly IDG Ventures, India), and Lenskart Vision Fund invests $4 million as part of Adloid’s pre-series-A funding, to fuel the next level of growth and product evolution. The round also saw participation from Easemytrip Co-founder Prashant Pitti, Seeders, and 100x Entrepreneur.
With this round, Adloid is rebranding to Metadome, a metaverse that will provide the no-code infrastructure to millions of creators & brands to build immersive experiences for the virtual world. The company will be expanding its product and tech teams and inviting the creator community to build a metaverse which can host 1 Billion experiences a day by 2023. It also plans to strengthen it’s customer success and delivery in North America & other geographies to support its enterprise offerings.
With an increasing acceptance of the virtual world, the concept of Metaverse is gaining traction among businesses and individuals. It promises to be far more immersive, interactive, and collaborative than what the internet has accomplished so far with web 2.0. Metadome is built for all virtual experiences, that allows people to create, experience, collaborate, learn, play, work, and trade virtual goods & estates, and much more.
Speaking about the development, CEO & Founder, Kanav Singla said, "With Metadome, our vision is to build a new world so satisfying where people would want to live in it and not be forced to come. It resonates with our team's life mission of solving the inherent problems of the real & virtual world. We are using our existing expertise in augmented reality, artificial intelligence, and computer vision to build a one-one mapping of the real world and creating an experience of life beyond the real world”.
Metadome, formerly Adloid, started in 2016 as one of the early players in augmented reality globally with focus of bringing life-like AR experiences to all smartphones, and has since evolved as the category leader across multiple industries with patents on compression techniques to enable the scale, empowering 30M+ AR experiences and creating a library of 100k+ 3D assets. Over the last few years, they have identified key problems in the AR/VR space and the focus has been on achieving photorealistic rendering quality and enabling that experience across the entire network of smartphones. Our dedicated team of tech, product, and design experts are working towards the shared mission of hosting 1 Billion experiences in Metadome by 2023.
Co-Founder & CRO, Prashant Sinha said, “Metadome will provide businesses newer ways of engaging their customers. The Metaverse is a persistent virtual world and shopping will be driven by 3D and Augmented Reality. The brands that work with us will be able to represent their entire portfolio and to allow Metaverse participants to truly engage with their products. For individuals and creators, the possibilities are enormous, as they will be able to interact, collaborate, learn, play, work, create, trade, transact and buy virtual goods.”
Metadome is already empowering brands with AR deployments across automobile, home-decor, beauty & accessories, and consumer electronics, working with industry leaders like Hewlett Packard(HP), Tata Motors(parent company- Jaguar Land Rover), Hero MotoCorp(largest 2-wheeler OEM globally), Asian Paints, Titan Eyeplus, Royal Enfield, Cardekho and more, to create immersive 3D & AR experiences for their customers. The company has witnessed a bootstrapped journey so far and growing organically by 3x YoY.
TCM Sundaram, Founder & Vice Chairman - Chiratae Ventures said, “ We are excited by the vision the team has to enable real life like immersive experiences in the metaverse. The technology they are building continues to make strides as they add marquee names to their clientele across sectors. We believe Metadome (formerly Adloid), has the power to fundamentally change how customers interact with brands, helping brands build engaging life-like experiences. As investors, we are elated to partner with the Metadome team, who is working to bring augmented reality experiences to your smartphones & other future displays.
Co-Founder & COO, Shorya Mahajan said, “The funding will add fuel to Metadome’s research and development efforts for enhancing the core competencies. We plan to add 60+ people in our tech/product team to an existing team of 90 and we are inviting bright talents to join our mission of hosting 1 Billion experiences in Metadome by 2023.”
Metadome is uniquely positioned since it has already created a sector-agnostic way of engaging users through Augmented Reality and has deep insights from empowering 30M+ AR experiences globally.
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