Deep-tech computer vision startup peAR raises seed funding from Venture Catalysts
Mumbai-based deep-tech computer vision and augmented reality (AR) startup peAR Technologies has raised an undisclosed amount of seed funding from incubation platform Venture Catalysts.
peAR Technologies develops AR-based digital assets (3D models) for enterprises across industries.
Operated by DVDP Technologies, the startup will deploy the funds to create around 2000-3000 digital assets per day for enterprises across industries, it said in a statement.
The startup has developed an AR application named peAR-Food Menu for restaurants. It helps customers view a restaurant’s menu in 3D AR before placing an order.
Founded in 2018 by Dharmin Vora, Dhruvesh Mehta and Parth Vora, peAR aims to extend this product offering across segments such as e-furniture, e-commerce and automobiles.
“We are currently creating 200 digital assets a day. The majority of the funds will be used in developing new tech stack. We are also in the process of patenting the current technology we've created,” Vora said.
It charges restaurants a basic fee to digitise their menu and use the company’s 3D assets.
The company is working on a back-end hardware and software combination using computer vision which allows capturing and conversion of images into 3D models at scale with minimal to no human intervention, it said in the statement.
peAR plans to offer its services to food-tech players as a pay-per-view model.
Apoorv Ranjan, founder of Venture Catalysts said the company will be mentored by Prashant Vora, executive director, project financing and leveraged financing, Standard Chartered Bank; Mitesh Shah, ex-chief finance officer, Ola Cabs and Ahshad Jussawalla, business head at Burrp!.
Founded in 2016 by Sharma along with Anil Jain, Anuj Golecha, and Gaurav Jain, Venture Catalysts is an incubation platform. It provides an investment of $500,000 to $1 million per startup with incubation support for one year.
Venture Catalysts recently backed mobile-based dermatology consultation platform Remedico, artificial intelligence (AI)-driven content startup Instoried and gaming startup Global eSports.
In August, Venture Catalysts had launched the FamilyOffice, a network to connect startups with family-owned business houses and big corporates. Also in August, it launched an accelerator platform 9Unicorns to identify the best ideas and early-stage startups from India.