Bangalore-based Augmented Reality startup, Whodat Tech Pvt Ltd has raised $600,000 (Rs 3.9 crore) from Ideaspring Capital in its first round of external funding.
On the occasion, Arihant Patni, managing director of Ideaspring Capital, said:
Whodat has a great team led by Sriram (Ganesh) and Kaushik (Das) and their vision is to solidify their SLAM approach. They also aim to provide contextual information about the scene using deep learning approaches and eventually productive the overall package so developers can easily create AR experiences without any knowledge of vision and learning systems
Founded in 2013 by Sriram Ganesh and Kaushik Das, Whodat Tech follows a business-to-business-to-consumer (B2B2C) model. It uses proprietary technology based on Simultaneous Localization and Mapping (SLAM) to place digital content within indoor environments. in the segment include
Das is a computer engineer and Ganesh is an alumnus of Stanford Graduate School of Business. They have earlier worked together at a product visualization startup before launching Whodat.
Commenting on the occasion, Ganesh said:
What we have essentially done through our product is to do away with the need for knowledge and expertise in AR to operate an AR-based platform
Basically, the company has two revenue models. Firstly, the license which works better for larger companies. Second is and software as a service-based – depending on the requirement and scale of operations of a customer which serves smaller enterprises better.
At present, the company has four customers, including furniture e-tailer Urban Ladder. Ganesh, however, refused to divulge the identity of the others but said that they were part of the Fortune 30 list.
It is reported by the sources that currently Whodat is developing an upgraded version of its product, which is expected to roll out in six months.
Commenting on this, Ganesh said:
While our aim is to work with large customers, we are also reaching out to small enterprises.
Whodat aims to have an end-user customer base of 100,000 in the next two years and may raise a Series A round of funding thereafter.
Further adding, Ganesh said:
We have a steady pipeline and are always close to profitability. Hence, we have not really set out a target for breaking even. Likewise, we just need engineers for R&D and do not have the requirement at this point to spend on marketing. The team will remain lean for the time being
The company will use the funds for research and development, and team expansion. At present, Whodat has a tech team of 10 members which may increase up to 18 members in next two years.
This year, Whodat plans to run two to three months of the pilot of a newer version of the software with these online social platforms before a full-fledged roll-out in another 12 months.
Whodat is in competition with some ventures working in the similar segment which includes Absentia, Virtual Mirror, Realise, Ingage, and others.