California-based tech start-up GridRaster, which works on enabling high-end virtual and augmented reality experiences on mobile devices, has received nearly $2 million in seed funding from top-tier venture capitalists in India and the US.
The one-year-old firm was founded by Rishi Ranjan, Dijam Panigrahi and Venkata Ramana Dass, who bring a combined experience of 40-plus years. The start-up’s product development team is based in Bengaluru.
The seed funding saw participation from Exfinity Ventures, Lumia Capital, Pipeline Capital, NexStar Partners, Unshackled Ventures, The Explorer Group and some strategic angel investors.
“We are excited about the VR software market opportunity, which is pegged around $35 billion by 2025, but is today limited by mobile compute power, high latency and battery life,” Shailesh Ghorpade, Managing Partner and CIO, Exfinity Ventures told BusinessLine . “The GridRaster team is trying to solve these limitations by intelligently harnessing the compute power on the edge and centralised cloud to power compelling experiences.” He said the $2-billion India opportunity for VR software is still in its nascent stages.
GridRaster is currently working with a select group of customers — Osterhout Design Group (ODG), Steel Wool Studios, telcos and others in the industrial, aerospace, automotive and retail sectors. For instance, they have partnered with ODG to bring their technology application for ODG smart glasses for enterprise customers who want to create and collaborate in mixed reality or build immersive 3D interactive experiences. The team has 11 international patents to their credit.
According to co-founder Ranjan: “With new capital, we will work towards maturing the product for specific enterprise and customer use cases, as a standard platform of choice for cloud-powered high-end VR/AR. We are currently looking out for talented graphics engineers, Unity developers and QA engineers to join us in our California and Bengaluru offices.”