[Funding alert] Deeptech startup peAR raises Rs 2.5 Cr in pre-Series-A1 led by Inflection Point Ventures
Deeptech computer vision and augmented reality (AR) specific startup peAR Technologies has raised Rs 2.5 crore in a pre-Series A1 round led by Inflection Point Ventures.
According to the official statement, the fresh funds will be utilised in building 3D Modelling technology for augmented reality, so as to advance the B2C app. Along with this, the startup will launch in four cities – Mumbai, Bengaluru, Delhi/NCR, and Pune.
The startup is also hiring across roles to strengthen the team. With the funds raised, peAR aims to reach 15,000 orders monthly by the end of this year.
Founded in 2019 by then college students 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 startup said its proprietary image-to-3D Model tech has enabled it to make 3D Models of the food at scale, thus being able to convert boring paper menus into interactive 3D Menus. This helps restaurants upsell better-looking dishes. Since the orders are also placed digitally, restaurants can now have the valuable data they were missing out on for the dine-in customers. The startup is going after the dine-in market, which is relatively less competitive in India and is four times larger than the Delivery Market.
Dharmin Vora, Co-founder, peAR, said, "We have seen 100 percent month-over-month growth in the past six months and we will continue to grow at a faster rate in the coming months as well. We are also planning to launch in new cities as we want users across India experience 3D and augmented reality-based ordering. We have been lucky to have IPV back us from the start to reach where we are today. They have not only helped us with financial aspects but also helped us in building business and team because of the diverse & rich experience and knowledge their CXO members have in all the industries.”
Commenting on the investment, Mitesh Shah, Co-founder, IPV added,
“The F&B industry hasn’t seen much of digital transformation beyond cosmetic changes. However, that has changed with the emergence of food tech companies who have brought lakhs of restaurants online and expanded their market and catchment area."
"While this is one side of leveraging technology, which is helping the industry to grow their business, at the core level, restaurants as standalone entities have to embrace digital transformation right from how they present their menus or serving their patrons. It goes to the overall experience when outside dining becomes a norm soon. peAR’s application augmented reality is truly a pioneering concept, which hasn’t been attempted before. Investment in peAR is aligned to IPV’s philosophy of backing unique businesses with great entrepreneurs.”