Munich-Based AR Startup ‘eyecandylab’ Raises $1.5 Million in Seed Round
Munich-based augmented reality startup eyecandylab has raised more than $1.5 million seed round which was led by Silicon Valley’s first angel investment group Band of Angels. Also participating in the funding round is LG Technology Ventures along with other angel investors.
Eyecandylab develops computer-vision software solutions that utilize videos as a trigger for augmented reality content on augmented reality glasses and consumer mobiles. Its software solution can be integrated into existing apps to enable various kinds of enterprises including sports, entertainment, media and commerce to drive user engagement and leverage new revenues streams through the generation of an interactive augmented layer around screens.
One of its better known products is augment.tv which enables augmented reality functionality around video.
The Munich-based startup is planning to use the funds raised in the seed round in accelerating the development of its scalable SaaS platform. It will also be using the funds to finance its entry into strategic markets in Asia and expand its US team. The company already has US offices in New York and LA.
Eyecandylab was founded in 2017 and the startup has already roped in some high-profile clients for its interactive video entertainment solution. These include NBCUniversal, VIACOM, Softbank and WWE. The startup has also partnered with LG Uplus to launch a key 5G service in South Korea later this year.
LG Uplus, a leading provider of innovative 5G services, considers the eyecandylab partnership and solution a “perfect differentiator” that will help provide relevant use-cases for its South Korean customers and help it extend its leadership position in the market.
The eyecandylab solution is currently on track to fully leverage the convergence of 5G, XR as well as next-generation broadcast video, according to Terry Schussler who is Deutsche Telekom’s Director of Immersive Technology and a founding member of Open AR Cloud. He will now be joining the eyecandylab advisory board.
Schussler believes the eyecandylab solution is a “perfectly targeted use of technology” that will bring out the massive potential business opportunity made possible by combining of the traditional video content with interactive XR experiences.