Avataar plans to use the funds to scale its operations. Here are the top-line bullets you need to know.
Avataar, a 3D artificial intelligence company, has raised $45M in a Series B round that drew participation from Sequoia Capital India and Tiger Global Management.
How’s the company performing?
- India-based Avataar helps companies create digital shopping experiences that are both immersive and interactive.
- The company’s client base includes Samsung and Pepperfry.
- Companies using its platform have reported increased conversion rates.
- Avataar has more than 10 US patents, and it has established strategic partnerships with Google and Facebook.
Why does the market matter?
- The global visualization & 3D rendering software market is expected to reach a value of $3.1B by 2027, growing at a CAGR of 12.7%, according to Valuates Reports.
- The rising demand for high-quality gaming and videography as well as real-time rendering capabilities has contributed to growth in this market.
- Increasing discussion surrounding the metaverse is driving growth in this market as well.