Bengaluru-based startup Absentia VR that offers a tool to create virtual reality content, has raised Rs 8 crore in a round led by early-stage fund Exfinity Venture Partners.
The round also saw participation from Sprout Venture Partners and Krishnamoorthy Ananthasivam (former vice-president at Infosys Ltd), while Venture Catalysts, a Mumbai-based seed fund, picked up stake through secondary share purchase.
Absentia VR has developed Norah AI, an artificial-intelligence powered engine that creates 360 degree panoramic content from 2D videos or images. The company was started by Birla Institute of Technology, Goa, drop-outs Shubham Mishra, Vrushali Prasade and Harikrishna Valiyath in early 2015. In November last year, it raised Rs 1.2 crore from Astarc Ventures, 50k Ventures and a few independent angel investors.
The company rolled out the first version of Norah in November 2016 which found traction with clients in media and entertainment and telecom sectors.
Absentia VR has signed eight clients that have so far contributed Rs 2.5 crore in revenue. The team is now preparing to launch the next version of Norah AI aimed at game developers and plans to deploy additional funds in this area.
“The latest version is currently in development and will be commercially rolled in five-six months. This will drastically reduce the time take to develop games from 30 days to about 30 hours,” Shubham Mishra, CEO and co-founder, said.