Recently, Virtualitics, a startup that combines VR/AR and AI with big data, unveiled the close of its Series B round of funding that raised $7 million. Centricus, an international investment platform, led the round. Also, participants included the company’s existing investor, the Venture Reality Fund among other private investors. The recent round follows a $4.4 million Series A round that was completed last April, which The VR Fund led.
Marco DeMiroz, one of The VR Fund’s general partners, said that the short duration between the Series A and B rounds was due to factors like interest, strong market response, and adoption. According to him, such qualities lured new investors to lead the recent round in a bid to accelerate Virtualitics initial growth model. In addition, Marco acknowledged Centricus as the new lead, as it boasts an international presence that can assist the startup.
Early Gains for the Early Stage
Why is the Series B round a big deal? Last year, early-stage VR/AR investments declined, even though there were certain improvements in Q2 and Q4 results among other several big deals in various investment segments that made it look like an improvement compared to 2016. As such, the recent round served as a well-timed and positive indicator that a VR startup like Virtualitics can conduct a new round not only for financial gains but also to scale in response to market demand. The move also helps to boost investor confidence.
Virtualitics’ last round of financing has propelled its funding to more than $11 million to date. The funding supports the company’s vision of using emerging technologies to unlock big data’s potential in ways that are impossible to accomplish through 2D platforms and tools. Virtualitics has continuously managed to reel in, grow and maintain its relationships with some of the leading Fortune 500 enterprises. This feat is owed to its provision of an interactive medium that you can manipulate intuitively or in a calculating way.
According to Virtualitics co-founder and CTO, Ciro Donalek, the following are some of the ways their clients have used the company’s immersive solutions.
- To better interact and explore their data by using ad hoc visualizations in VR and 3D.
- To draw insights using machine learning models in a bid to quickly identify and visualize relationships amongst hundreds of variables in an attempt to comprehend the ones that spearhead the issue at hand.
- To create a storytelling tool that relays outcomes to decision makers, clients, and the upper management.
- To allow teams to partner with each other across diverse geographic locations.
DatavizVR makes up other startups in this field that are ushering the good news since it validates the sector as a whole. The achievement by Virtualitics boosts the profile of the technology’s use in solving the most prevalent big data problems that many enterprises face today. According to Nick Walusavi, DatavizVR’s co-founder and CEO, his company is remedying big data issues using advanced technology. He added that businesses ought to adopt such solutions in a bid to remain competitive.