Israeli startup WakingApp that offers tools for the quick and easy creation of augmented and virtual reality content raised $4.3 million in the Series C funding from Youzu Interactive (SZSE: 002174) as well as one of the largest internet and search companies in China. The funds would be used in expanding the augmented and virtual reality platforms of the business, which offers, ENTiTi Viewer and ENTiTi Creator, and expanding its sales, marketing and business development in the United States and China.
The Chinese companies joined existing investors Global Capital and Inimiti VC in the round. For Youzu, an entertainment company that specializes in online game development as well as distribution, it’s its first ever investment in an Israeli-based startup and represent an opportunity move AR/VR content creation tools into the Chinese market.
WakingApp is led by Alon Melchner (president and founder) and Udi Shani (CEO and co-founder). Based in Rosh Ha’ayin and founded in 2013, the company has developed a groundbreaking AR/VR platform to enable any person including without any experience in programming to create advanced interactive augmented reality and virtual reality content such as live data feeds, high-quality 3D imaging and animation as well as games. Content can be established and distributed quickly as easily with 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. 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 incredible content for users and provide brands with new opportunities to contact with customers.”
Daniel Chen Fan, the Investment Director of Youzu Interactive, said, “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. What impresses us about WakingApp is its ability to overcome a significant user barrier by simplifying the way one creates AR/VR content, and we plan to bring this revolution to the Chinese market.”