Israeli augmented reality co WakingApp raises $4.3m

Startup

The investment is from two Chinese companies - Youzu Interactive and one of China's largest Internet companies.

Israeli startup WakingApp, which provides tools for quick and easy creation of augmented and virtual reality content, has raised $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 to expand the companys AR/VR platform offerings, ENTiTi Creator and ENTiTi Viewer, and expanding its sales, marketing and business development in the US 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.

WakingApp is led by president and founder Alon Melchner and CEO Udi Shani. Based in Rosh Ha'ayin and founded in 2013, the company 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 dont 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.

He added, 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.

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.

Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2015

Copyright of Globes Publisher Itonut (1983) Ltd. 2015

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments

 
Startup
Startup
Twitter Facebook Linkedin RSS Newsletters Israel Business Conference 2016