Bangalore based 3D AI startup Avataar.me announced on Thursday that is has raised $7 million in series A funding from Sequoia Capital India. The company that provides an immersive shopping experience to consumers through its AR and 3D software intends to use this fresh infusion of funds to create cutting R&D initiatives. The company had earlier raised $3 million from angel investors in December 2019.

Founded in 2016 by Prashanth Aluru, Sravanth Aluru, Gaurav Baid and Mayank Tiwari, the company currently possesses 10 US patents to its name. The team spent its initial four years developing the technology

IP and launched commercially last year. Avataar already has proven RoI outcomes for its MNC enterprise clients in e-commerce, consumer electronics, auto OEMs and FMCG majors across the US, India and Southeast Asia.

“In 2019, more than 300 million users were actively using AR. Spends on AR tools for creating social engagement for brands along with ‘try-before-you-buy’ experiences is expected to grow 10X by 2023. Undoubtedly, the time for AR/VR is now, with ecommerce being one of the broadest applications,” said Shailesh Lakhani, managing director, Sequoia Capital India.

Avataar’s sector agnostic platform bridges the gap between offline-online experiences by replacing the current 2D visuals with life-size and hyper-realistic 3D XR/AR experiences. The AR technology used brings spatial depth to the onscreen buying/browsing experience.

“Using patented AI-based algorithms, the team at Avataar.me has developed the most comprehensive platform for enterprises to showcase their physical products and services digitally, driving better business outcomes. The Sequoia India team is thrilled to partner with Avataar.me and help power their vision of bridging the offline-online experience gap,” further added Shailesh.