India-based Metaverse and AR platform, Adloid has raised $4 Million in pre-Series A round funding led by Chiratae Venture and Lenskart Vision Fund.
The round also saw participation from Easemytrip Co-founder Prashant Pitti, Seeders, and 100x Entrepreneur.
With this round, Adloid is rebranding to Metadome, a metaverse that will provide the no-code infrastructure to millions of creators & brands to build immersive experiences for the virtual world.
The company will be expanding its product and tech teams and inviting the creator community to build a metaverse that can host 1 Billion experiences a day by 2023. The platform also plans to strengthen its customer success and delivery in North America & other geographies to support its enterprise offerings.
Speaking about the fundraise, Kanav Singla CEO & Co-founder Aloid, said, “With Metadome, our vision is to build a new world so satisfying where people would want to live in it and not be forced to come. It resonates with our team’s life mission of solving the inherent problems of the real & virtual world. We are using our existing expertise in augmented reality, artificial intelligence, and computer vision to build a one-one mapping of the real world and creating an experience of life beyond the real world”.
Metadome, formerly Adloid, started in 2016 as one of the early players in augmented reality globally with a focus on bringing life-like AR experiences to all smartphones and has since evolved as the category leader across multiple industries with patents on compression techniques to enable the scale, empowering 30M+ AR experiences and creating a library of 100k+ 3D assets.
“Metadome will provide businesses newer ways of engaging their customers. The Metaverse is a persistent virtual world and shopping will be driven by 3D and Augmented Reality. The brands that work with us will be able to represent their entire portfolio and allow Metaverse participants to truly engage with their products. For individuals and creators, the possibilities are enormous, as they will be able to interact, collaborate, learn, play, work, create, trade, transact and buy virtual goods,” Prashant Sinha, Co-founder & CRO of Adloid added.
Speaking on the investment in Adloid, TCM Sundaram, Founder & Vice Chairman of Chiratae Ventures said, ” We are excited by the vision the team has to enable real lifelike immersive experiences in the metaverse. The technology they are building continues to make strides as they add marquee names to their clientele across sectors.”
“We believe Metadome (formerly Adloid), has the power to fundamentally change how customers interact with brands, helping brands build engaging life-like experiences. As investors, we are elated to partner with the Metadome team, which is working to bring augmented reality experiences to your smartphones & other future displays,” Sundaram added.
Further speaking on the funding, Shorya Mahajan Co-Founder & COO of Adloid said, “The funding will add fuel to Metadome’s research and development efforts for enhancing the core competencies. We plan to add 60+ people in our tech/product team to an existing team of 90 and we are inviting bright talents to join our mission of hosting 1 Billion experiences in Metadome by 2023.”