WakingApp, the leading provider of tools for quick and easy creation of augmented and virtual reality content, today announced the raising of $4.3 Million in Series C funding from Youzu Interactive (SZSE: 002174) as well as one of largest Internet and search companies in China.
Funds from the round will be used toward expanding the company's AR/VR platform offerings, ENTiTi Creator and ENTiTi Viewer, and expanding its sales, marketing and business development in the United States and China.
The two Chinese companies join existing investors Inimiti VC and Globis Capital in the round. For Youzu, an entertainment company specializing in online game development and distribution, this is its first investment in an Israeli-based startup and represents an opportunity to move AR/VR content creation tools into the Chinese market.
"For some time now, we have been seeking to invest in AR/VR technology, as it is on the verge of influencing every aspect of our lives. It is an industry that is projecting 13,000% growth in three years and revenues of $150 billion in five years," said Daniel Chen Fan, Investment Director of Youzu Interactive. "What impresses us about WakingApp is its ability to overcome a great user barrier by simplifying the way one creates AR/VR content, and we plan to bring this revolution to the Chinese market."
WakingApp, headed by Alon Melchner, president and founder, and Udi Shani, CEO, has developed a groundbreaking AR/VR platform to enable any person – even those with no prior programming experience – to create advanced interactive augmented reality and virtual reality content that includes live data feeds, high-quality 3D imaging and animation, and games. Content can be created and distributed quickly and easily with the ENTiTi platform and is accessible online on smartphones, tablets and leading smart glasses without the need for additional devices.
Shani said, "Heading into 2016, we see a strong and growing trend in the manufacturing of smart glasses, but many don't realize that these products cannot exist long-term, if there is no content available for them. WakingApp is the market leader in this space, as it was the first to enable accessible AR/VR content generation on all leading technologies and wearable devices."
"The entry of Chinese investors, and their confidence in the company, brings significant market exposure to WakingApp and provides an unrivaled access point to the Chinese market," added Shani. "The AR/VR space is developing fast, and with our investment partners, we are moving quickly to make sure every pair of smart glasses sold in the months ahead can have amazing content for users and provide brands with new opportunities to contact with customers."