Mumbai-headquartered incubation firm, Venture Catalysts has reportedly infused an undisclosed amount of investment in peAR Technologies. The invested firm focuses on artificial intelligence (AI) and deep tech.
The startup, operated by DVDP Technologies Pvt. Ltd will use the funds to enhance its technological infrastructure and patent, the Mumbai-based firm, peAR said in the companys official statement.
The investment will also help the firm to create between 2,000-3,000 digital assets a day from the current 200. Dharmin Vora, co-founder at peAR.
We are currently working on building the infrastructure around creating these digital assets at scale for multiple sectors, Vora said.
The firm was confident in its investment in the startup because of its management team and technology, Apoorv Ranjan Sharma, Co-founder, and President at Venture Catalysts, said in an interview with VC Circle.
The startup will be mentored by Standard Chartered Bank executive director for project financing and leveraged financing Prashant Vora and former Ola Cabs chief financial officer Mitesh Shah, Sharma said.
peAR was established by Dharmin Vora, Parth Vora and Dhruvesh Mehta in 2018. The firm says it presently is concentrated on the restaurant segment as its software and hardware are being utilized to record and transform pictures into three-dimensional models.