MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--GridRaster, a leading provider of cloud-based XR platforms that powers high-performance and scalable AR/VR/MR experiences on mobile devices for enterprises, announced today it has closed an additional $2.5 million in venture funding led by Blackhorn Ventures with participation from other existing investors MaC Venture Capital and Exfinity Venture Partners. This infusion of additional capital enables GridRaster to continue developing its XR solutions, powered by cloud-based remote rendering and 3D vision-based AI, in key customer markets that include Aerospace, Defense, Automotive and Telecommunications.
Market Potential for Immersive AR/VR
According to Statista, the immersive AR/VR market is forecast to grow into a $160 billion industry by 2023. According to a recent industry survey commissioned by GridRaster, 56% of executives polled said they have implemented some form of AR/VR technology into their organization over the last 12 months, and another 35% said they are considering doing so. More than a quarter (27%) said they have fully deployed an AR/VR solution and are looking to scale further.
“Immersive technologies like AR/VR have quickly had a significant impact on large enterprises seeking greater efficiency and cost reduction in their design, manufacturing, and training regimens,” said Rishi Ranjan, CEO and Founder of GridRaster. “Particularly with the financial and social distancing strains put forth by COVID-19, we believe enterprises in several key industries will rely on AR/VR even further to maintain workflows, create greater efficiencies and cut costs out of the production cycle.”
Philip O'Connor, Co-Founder and Managing Partner of Blackhorn Ventures said, “We are very excited to be partnered with GridRaster, not only do they have an exceptional team but their platform is unlocking the immense efficiency improvements that VR/AR/MR can offer to industrial applications. Their solution is not only innovative, but it is also very timely, which has been demonstrated by its adoption in critical processes. Blackhorn Ventures invests in companies that are redefining industrial resource efficiencies.”
The investment brings GridRaster’s total funding since launching its pioneering cloud-based XR platform to $5.7 million, and it comes on the heels of several successful customer project completions of key pilot programs. Added Ranjan, “We developed the GridRaster XR Cloud Platform working with a select group of customers and partners in the industry. This additional capital will expedite our product development efforts and enhance our customer support as we deploy in production settings. The new investment round will enable GridRaster to further capitalize on its position as a leader in cloud-based XR for our target industry.”
About Grid Raster Inc.
GridRaster is a leading provider of cloud-based XR platforms that power compelling high quality AR/VR/MR experiences on mobile devices for enterprises. The company works with manufacturers in automotive, aerospace and defense, and technology to launch and scale AR/VR solutions. The company utilizes a cloud-based approach leveraging distributed edge computing, low-latency remote rendering and 3D Artificial Intelligence (AI) to help clients overcome performance, scalability and legacy project limitations. For more information please visit www.gridraster.com.