Virtual reality and augmented reality startup GridRaster has a raised $2 million in a seed funding round. The fund comes from a group of venture capital firms, includnig Exfinity Ventures, Lumia Capital, Pipeline Capital, NexStar Partners, Unshackled Ventures and Explorer Group.
The company says that the capital raised will be used for product development and marketing. Rishi Ranjan, founder, GridRaster, said in a statement,
With new capital, we will work towards maturing the product for specific enterprise and customer use cases as we continue to establish GridRaster as a standard platform of choice for cloud-powered high-end VR/AR. We will also look towards strengthening our development team.
GridRaster, founded by ex-Qualcomm employees Rishi Ranjan, Dijam Panigrahi and Venkata Ramana Dass, provides the underlying compute and network stack to power high-end VR/AR experiences on mobile platforms by leveraging the edge cloud.
It provides high-performance graphics with ultra-low latency while hugely improving battery performance. The technology drives mass adoption of VR/AR by dramatically improving the reach of exciting content and bringing breathtaking new experiences to users.
The company’s technology works seamlessly with existing VR content creation technologies such as Unity, Unreal Engine, etc. It claims to process high-end graphics 10 times faster than other stand-alone mobile AR/VR platforms currently out there.
The firm has a team which has deep expertise in computer graphics, cloud computing, wireless infrastructure, video, mobile and software development with 10+ patents. It is currently working on ways of defining future of VR/AR infrastructure for mass adoption.