Virtual reality (VR) startup SmartVizX has raised Rs 10 crore ($1.4 million) in a pre-Series A funding round led by Indian Angel Networks eponymous IAN Fund and angel fund YourNest Venture Capital.
The company said in a statement that it will the use the money for the next phase of its global expansion.
Founded in 2015 by Gautam Tewari and Tithi Tewari, SmartVizX builds immersive technology solutions using VR to help influence decision-making for real estate and other industries.
It had previously raised $500,000 (around Rs 3.4 crore) from IAN and Stanford Angels and Entrepreneurs India (SAE India).
The NCR-based startup has also announced the launch of Trezi, a VR-based platform for architecture and interior design collaboration.
It is one of the first such VR platforms and will revolutionise the architecture-engineering-construction industry, said Tithi Tewari, co-founder and managing director of SmartVizX.
Tithi Tewari holds a bachelors degree in architecture from CEPT Ahmedabad, and has completed programmes in LEAP (Leadership Excellence through Achievement and Practice) from INSEAD and MPSFI (Managing Professional Service Firms in India) from Harvard Business School.
Gautam Tewari has a masters degree in construction management from UNSW Australia and is a Leadership in Energy and Environmental Design-accredited professional.
IAN spotted this potential early on and decided to support the company and its innovations, said Mohit Goyal, co-founder of IAN and lead investor in SmartVizX.
According to the company, the VR market is expected to touch $150 billion by 2020 with multiple levels of functionality across sectors. Goldman Sachs estimated that the opportunity for VR in the consumer real estate industry will cross $2.5 billion by 2025.
Earlier this year, home rental startup FastFox told TechCircle that it was exploring the use of VR to help its customers. Under the facility, a person seeking to rent a house will be contacted by a FastFox agent, who will bring home the VR gear and show the person around the apartment of interest.
Property listing portal Housing.com had launched a service on similar lines a few years ago.