AR/VR platform company raises $14 million in funding

February 05, 2020 //By Rich Pell
AV/VR collaboration platform looks to 'future of work'
Mixed-reality holographic collaboration platform Spatial (New York, NY) has announced $14 million in Series A funding, making it, says the company, one of the most funded startups in the space.

The startup, which offers a device agnostic augmented reality (AR)/virtual reality (VR) platform that "turns any room into a 3D workspace," says the funding will help it continue to advance its AR/VR platform for business.

"Last year we saw a strong demand to collaborate in AR/VR from more than 25% of the Fortune 1000, and we announced our first wave of customers such as Mattel, Purina/Nestle, and BNP Paribas," says Spatial co-founder and CEO Anand Agarawala.

Co-founder and CPO Jinha Lee adds, "With this funding we're excited to carry on this tremendous momentum and continue to innovate our user experience until every organization around the world can work together seamlessly without the need to travel."

The company's AR/VR platform enables any user with a Microsoft HoloLens, Oculus Quest, Magic Leap One, Qualcomm XR2, Android/iPhone mobile device or desktop computer to collaborate with other users, withouy being restricted to any particular device, platform, or hardware.

The company says its platform generates the most realistic looking avatars available in a shipping product today. It is powered by AI that transforms a users' 2D photo into a realistic 3D avatar with no extra effort required, and is brought to life with hand and eye tracking found on modern headsets.

The funding round, which brings the total amount raised to date to $22 million, was led by White Star Capital, iNovia, and Kakao Ventures, with continued participation from existing investors including Instagram co-founder Mike Krieger, and Zynga founder Mark Pincus.

Instagram Co-Founder Mike Krieger comments, "Spatial's mixed-reality solution will be a key part of the future of work. They're taking us beyond everyday tools like Zoom and Slack and pointing the way towards what conferencing and collaboration can be like if they were invented today and I'm excited to support the journey."


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