Scapic Innovations Pvt. Ltd, a virtual reality (VR) and augmented reality (AR) platform, has raised $500,000 in a seed round from Speciale Invest, Axilor Ventures and Newfort Capital.
The company said it will use the funds for product development and research.
Scapic was founded early last year by Stanford Graduate Business School alumnus Sai Krishna VK and former Cisco and Gridraster engineer Ajay PV.
The startup provides a cloud-based platform for users to build AR and VR scenes using a drag-and-drop interface, which the company claims is as easy as putting together a PowerPoint presentation.
Scapic had launched an open beta of its platform last November. Its clients include online fashion marketplace Myntra and French financial services company Societe Generale.
“We position ourselves as the WordPress for VR/AR," said co-founder Sai Krishna VK.
Scapic was previously part of Y Combinator's accelerator. It was also among the winners of the Karnataka Elevate 100 program, and was listed as one of the top 20 startups at the Wharton India Economic Forum.
Speciale Invest, which led the funding round facilitated by SeedX Advisory, was founded by Travel Yari co-founder Arjun Rao and former Ventureast principal Vishesh Rajaram last year. It has made a couple of investments, including in tech product developer iauro.
“We believe that the hardware hurdles in VR are mostly overcome. But for VR to continue to grow mainstream, consumers would need more content from web developers,” said Vishesh Rajaram, managing partner, Speciale Invest.
The other investor, Axilor Ventures, is led by Infosys co-founders Kris Gopalakrishnan and SD Shibulal.
"With a differentiated play on WebVR, Scapic is a frontrunner in the space and set for a global play,” said Ashutosh Upadhyay, head of programmes at Axilor Ventures.
The seed fund has been actively investing in early-stage ventures besides running an accelerator programme. Leave Your Comment