Hyderabad Based, AR & VR Startup Raise $500K from SRI Capital
Imaginate- a virtual reality startup (AR & VR) raised $500,000 of seed funding from Philadelphia-based venture funding SRI Capitals. After the disclosure of the deal, Sashi Reddi, Managing Partner of SRI Capital, has joined the startup’s board of directors.
The Hyderabad-USA based startup was founded in the year 2011 by Hemanth Satyanarayan. Imaginate is an AR & VR-based technology enterprise that offers innovative visualization products and services. They offer innovative visualization of it’s products and services, which enhance the consumer experience of reality.
Imaginate developed NuSpace, a hardware agnostic, collaboration platform that enables people to communicate with one another in an immersive and interactive realistic virtual world. NuSpace operates primarily in the B2B space of specialized training and education.
On this first investment in 2017, Sashi Reddi said: “NuSpace, is like Webex of VR and AR. It will revolutionize the way people collaborate and learn by leveraging the best of both physical classroom like environment and the ease of a digital conferencing platform like Webex or Skype.”
Managing Director and CEO of Imaginate, Hemanth Satyanarayana said: “With just 2 Mbps connection, every NuSpace user can communicate with one another across geographies through realistic avatars. It is less than the minimum internet speed that an HD video connection would need.”
Imaginate was part of NASSCOM’s 10,000 startups warehouse program. The startup won NASSCOM’s Award for the Most Innovative and High Potential Product award during October 2016.
Ashoke Madaravally, Director of 10,000 startups NASSCOM said: “Not everyone is comfortable with VR. The specific ability of the platform of being hardware agnostic will make it easy for the industry to start using it. With NuSpace, one could be wearing a Mixed Reality device like HoloLens from Microsoft and others could be wearing Oculus Rift, HTC Vive, Samsung Gear VR, Google Cardboard, etc.”
Imaginate will use their fresh funds to provide collaboration tools for AR & VR. The startup will develop MR (Mixed Reality) in industrial training, design and for maintenance for both offices in USA and Hyderabad. Read more startup news.