Interior designing company Foyr.com has raised $3.8 million in its Series A funding round. The round was led by property consultancy firm Jones Lang LaSalle. The round also saw the participation of a clutch of individual and non-institutional investors.
On the investment, Shailesh Goswami, founder and chief executive of Foyr.com, said:
We are thrilled to get funds from the strategic investors like JLL which will be pivotal in our expansion to newer markets in India and abroad.
He further added that:
Real Estate is a high value transaction and we empower real estate buyers to make informed decisions by providing advanced technology to builders, architects & developers for visualization of their projects.
Headquartered in Hyderabad and founded in 2014 by Shailesh Goswami, the startup offers creative visualisation of real estate spaces. It also offers customised interior design and end-to-end execution services.
It offers a custom compression algorithm solution, an interactive 3D engine, and an AI enabled language solution that creatively describes the spaces to be designed, aimed at creatively conceptualising user’s living spaces.
Users can upload their floor designs on Foyr’s website and get custom designs for free. Once the user decides to go ahead with the final implementation of the design, the startup claims to offer complete and hassle-free interior design solutions within the next 45-60 days.
Foyr is currently operational in Hyderabad, Jaipur, and Pune. The company competes with startups like MyGubbi, Livspace, Urban ladder, Pepperfry, Housify and Furdo among others.
The startup will use the funds to expand to new markets in India and abroad, enhance its technology stack and launch new products by next year.
In October 2016, Foyr raised investment from JLL India’s real estate technology investment vertical. In 2015, the interior design startup had raised under $1 million from Astarc Ventures. The startup also counts Brick Eagle Capital Group as an investor.