July 22, 2020 – Grid Raster Inc., a provider of cloud-based XR platforms that power augmented, virtual, and mixed reality (AR/VR/MR) experiences on mobile devices for enterprises, has today announced that it has closed an additional USD $2.5 million in venture funding led by Blackhorn Ventures, with participation from other existing investors MaC Venture Capital and Exfinity Venture Partners.
Grid Raster stated that the infusion of additional capital will enable the company to continue developing its XR solutions, powered by cloud-based remote rendering and 3D vision-based AI, in key customer markets that include Aerospace, Defense, Automotive and Telecommunications.
Commenting on the potential growth that the company sees in the market, Rishi Ranjan, CEO and Founder of Grid Raster, said: “Immersive technologies like AR/VR have quickly had a significant impact on large enterprises seeking greater efficiency and cost reduction in their design, manufacturing, and training regimens.” Ranjan continued, “Particularly with the financial and social distancing strains put forth by COVID-19, we believe enterprises in several key industries will rely on AR/VR even further to maintain workflows, create greater efficiencies and cut costs out of the production cycle.”
According to Statista, the immersive AR/VR market is forecast to grow into a $160 billion industry by 2023. Additionally, Grid Raster commissioned its own industry survey, which found that 56% of executives polled said they have implemented some form of AR/VR technology into their organization over the last 12 months, and another 35% said they are considering doing so. More than a quarter (27%) said they have fully deployed an AR/VR solution and are looking to scale further.
Philip O’Connor, Co-Founder and Managing Partner of Blackhorn Ventures said: “We are very excited to be partnered with Grid Raster, not only do they have an exceptional team but their platform is unlocking the immense efficiency improvements that VR/AR/MR can offer to industrial applications. Their solution is not only innovative, but it is also very timely, which has been demonstrated by its adoption in critical processes. Blackhorn Ventures invests in companies that are redefining industrial resource efficiencies.”
The investment brings Grid Raster’s total funding since launching its cloud-based XR platform to USD $5.7 million, and comes on the heels of several successful customer project completions of key pilot programs, according to the company. Ranjan added: “We developed the Grid Raster XR Cloud Platform working with a select group of customers and partners in the industry. This additional capital will expedite our product development efforts and enhance our customer support as we deploy in production settings. The new investment round will enable GridRaster to further capitalize on its position as a leader in cloud-based XR for our target industry”.
Image credit: Grid Raster, Inc. / Blackhorn Ventures