[Funding alert] Venture Catalysts invests in deep-tech computer vision startup peAR
Seed investor Venture Catalysts on Monday said that it has invested an undisclosed amount in deep-tech computer vision and augmented reality (AR) specific startup peAR Technologies.
According to the founders of peAR, a majority of the funding will be used in developing newer technology stack. The startup is also in the process of patenting its current technology.
Founded by Dharmin Vora, Dhruvesh Mehta, and Parth Vora, peAR was started to develop AR-based digital assets for enterprises across industries. The startup has developed an AR application peAR-Food Menu for restaurants to offer customers the chance to watch the entire menu in 3D AR before they place their order.
The company also plans to extend this product offering across emerging segments including online furniture, ecommerce and automobile.
Commenting on the seed funding round, Dharmin Vora, Co-Founder, peAR Technologies said,
“We are currently creating 200 digital assets (3D Models) a day. This investment will help us create over 2,000 to 3,000 digital assets per day due to extremely advanced hardware-software combination we've developed. We also have one of the most talented teams and we're currently working on building the infrastructure around creating these digital assets at scale for multiple sectors. We're glad to partner with Venture Catalysts and other investors as their experience and expertise across various domains helps us expand in different sectors extremely fast.”
To further strengthen its one-of-kind-product offering, peAR is developing a unique backend hardware and software combination using computer vision, which allows it to capture and convert images into 3D Models at scale with minimal to no human intervention.
Commenting on the investment, Dr Apoorv Ranjan Sharma, Founder, Venture Catalysts said,
“Apart from its unique proposition, peAR’s extremely talented and widely skilled team was a big draw for us. Together, the peAR team has the ability to bring forth a revolution in the world of retail by changing the very way through which consumers across sectors engage primarily with the product listing devices. This is the beginning of something brand new and we, at Venture Catalysts, are already excited as to where this journey with peAR might take us.”
At present, peAR is charging a basic fee to restaurants to digitise their menu, use the company’s 3D Assets, and to be listed on its app. In the future, peAR also aims to provide SDKs to other food-tech players like Zomato, Swiggy, UberEats, Dine-out, etc., as a pay-per-view model.
(Edited by Saheli Sen Gupta)