Spatial discovery platform Avataar raises $45 million from Tiger Global, Sequoia

Avataar, a leading AI and computer vision platform focused on spatial visual discovery, said on Friday it has raised $45 million in its Series B round led by Tiger Global, in which existing investor Sequoia Capital India also participated.

This is one of the largest fundraising rounds in the applied 3D and artificial reality space, the company said.

Avataar’s platform acts as an ‘inside engine’ powering multiple user experience shifts to interactive life-size Web 3.0, also known as the Metaverse.

Sravanth Aluru, it’s founder and CEO, saidthe digital world is undergoing a fundamental shift from static 2D content to a life-size virtual 3D worlds.

He said more than 60% of human sensory neural processing is visual, and the lack of spatial depth on flat screens today drives a big experience gap between the digital (static 2D images and videos) and the physical world experiences. Avataar aims to be the engine powering many new consumer journeys in this shift.

In the recent past, many artificial intelligence(AI)-based companies have raised funding, making the sector a lucrative one for potential entrepreneurs.

In November, Pune-based AI-driven robot maker Haber, which operates under Elixa Technologies, raised $20 million in its Series B round of funding led by Ascent Capital, with participation from Accel, Elevation Capital, Beenext, Temasek partner Mukul Chawla and entrepreneurs Samay Kohli and Akash Gupta.

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