Absentia VR ( a Bengaluru-based AI+Virtual Reality start-up ), has raised Rs8 crore in a round led by Exfinity Venture Partners, the early-stage venture fund said on Tuesday.
In early 2015, three BITS Pilani-Goa undergraduate students, Shubham Mishra, Vrushali Prasade, and Harikrishna Valiyath, decided to dropout of college, they just had an idea to create something better than the Oculus and started Absentia VR.
Absentia VR has developed Norah AI, an artificial-intelligence powered engine that creates 360 degree panoramic content from 2D videos or images.
It uses proprietary algorithms that stitch individual images together and add depth of field to photographs for an immersive experience. The content is viewed on flat screen displays and VR headsets.
Shubham Mishra, CEO and co-founder, said: “With Norah AI, we are aiming to become the world’s first auto content-generation company with a focus on the media and entertainment segment. Over the past few months, the team has been successful in monetising the platform in the area of VR, Augmented Reality, and image processing across industries, and we are on the path to create a long-term disruption in the interactive content industry.”
Absentia VR is targeting the global VR market that is predicted to cross 15 billion by 2018, according to a report on augmented reality (AR) and virtual reality (VR) by MarketsAndMarkets. The virtual reality technology market is expected to reach $15.89 billion by 2020 at a CAGR of 63.18 percent across five year
The virtual reality technology market is expected to reach $15.89 billion by 2020 at a CAGR of 63.18 percent across five year.