Venture capitalist firm IDG Ventures India (IDGVI) have teamed up with Axilor Ventures to launch the Frontier Tech Innovators Program to invest in startups specialising in ‘frontier tech’ technology such as virtual reality (VR).
Frontier technology is defined as technology that has not yet gained mass-market adoption, including VR, augmented reality (AR), space tech, drones, artificial intelligence, self-driving vehicles, Blockchains and Bitcoin.
Axilor Ventures and IDGVI are looking to take on around 20 startups. “Worldwide, there has been a big trend towards frontier tech for a variety of reasons. Last year was a huge year, globally, for this space. Almost $5 billion was invested in venture capital in frontier tech outside India. In India also, there have been a lot of green shoots,” said Sanat Rao, Venture Partner, IDG Ventures India.
“We are excited by the ambition of Indian entrepreneurs to build deep-tech solutions using frontier technologies to solve large problems in India and the world,” added Kris Gopalakrishnan, chairman, Axilor Ventures, “Through this programme, Axilor will continue to support and mentor path-breaking entrepreneurs,”
A number of a venture capitalist funding options have become available to developers working in the VR and AR areas, such as the VRFund, which recently added it’s first South Korean investor. Mercia Technolgies, the technology investment firm, have also taken an interest in VR, putting £4.1 million (GBP) into VR games developer nDreams. Climax Studios has also said there is ‘Plenty of investment money out there.’ for VR and AR projects.
VRFocus will continue to keep you updated on VR funding projects and investments.