Cloud powered XR platform GridRaster secured $2.5 Million in Funding

GridRaster, a California based provider of cloud-based XR platform that powers high-performance and scalable AR/VR/MR experiences on a smartphone for enterprises, has now secured an additional $2.5 million in venture funding.

GridRaster is founded by the Rishi Ranjan. It is a provider of cloud-based XR platforms that power high-quality MR/VR/AR experiences on smartphones for enterprises. The company works with the manufacturers in aerospace, defense, technology, and automotive to launch and scale VR/AR solutions.

Rishi Ranjan, CEO, and Founder of GridRaster, 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. 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."

Philip O'Connor, Co-Founder and Managing Partner of Blackhorn Ventures, said, "We are very excited to be partnered with GridRaster, 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 round, which brings the total funding to $5.7 million, was backed by the Blackhorn Ventures with participation from some other existing investors Exfinity Venture Partners and MaC Venture Capital.

The company, as of now, has plans to use the new funds to expand its product development efforts, enhance & scale customer support and develop its XR solutions in key verticals, which include telecommunications, aerospace, automotive, and defense.

PC: Pablo, Pixabay