AVentures Capital invests in Ukrainian developer of technology for Google Glasses and other augmented reality applications

19.02.2013 Posted in News No Comments

Press-release, 19 February 2013

AVentures Capital has acquired a 25% equity stake in Augmented Pixels, one of the world’s leading augmented reality technology developers. The deal closed on February 15, 2013.

AVentures Capital and Augmented Pixels didn’t disclose the financial details of the Series A deal to the public. However, AVentures fund typically invests from $300,000 to $3 million into one deal and the size of the deal is in this range. 

Founded in 2010 under brand name AR23D Studio (www.ar23d.com), Augmented Pixels set up research and development center is located in Odessa, Ukraine. The company plans to use the money it raised to develop and promote applications, and to expand its international presence. Prior to the Series A deal, the company was operationally profitable, growing at a fast pace with revenue being generated in the U.S., Europe and Gulf countries.

Augmented Pixels focuses on developing mobile technology and applications in “augmented reality.” Augmented Reality is a live, direct or indirect, view of the physical, real-world environment whose elements are augmented by computer-generated sensors. The newly created industry is developing rapidly in both hardware – such as Google Glasses – and software. Experts from Mind Commerce, Juniper Research, Research and Markets and others forecast a multibillion dollar turnover in augmented reality in just two to three years. More optimistic scenarios expect that in five to seven years, new generation devices, such as Google Glasses, will take over the market currently dominated by Smartphones.

Augmented Pixels is already among the technology leaders in its mobile niche with established partners globally. Vitaliy Goncharuk, company CEO and co-founder, set an ambitious goal to gain a 10% market share worldwide in its augmented reality mobile niche. Augmented Pixels deploys advanced technology developed in-house, and boasts a consumer applications portfolio. Its distinctive feature is one of the most advanced optimization algorithms for emulating augmented reality and visualization of 3D objects on mobile devices. The resulting experience is much more real-life and realistic compared to other technologies of competitors. In 2012, the company released its iOS mobile game “Bugs Mayhem”, that landed in 3rd place in the Readers Choice Awards 2012 organized by Augmented Planet.

Technology is currently monetized through both sales of licenses to B2B & B2C clients, and its own products. It cooperates with advertising agencies, gaming companies, and develops strategic partnerships within the augmented reality ecosystem. In 2013, the company plans to develop mobile games with real-life user experience and solutions for advertising. Currently, it is in negotiations with leading mobile game publishers from Eastern Europe for the joint development of such mobile games.

“The development of the augmented reality industry is accelerating. I am confident that already in 2014 we will witness disruptive new generation devices and mass-market consumer applications. AR23D (Augmented Pixels) is gaining traction in a very promising category of mobile applications and games. We are pleased to become partners with world class technology entrepreneurs with an eye on making money” – noted Yevgen Sysoyev, Managing Partner of AVentures Capital.

Note: AVentures Capital (www.aventurescapital.com) is a venture capital fund that will invest up to $30 million within the next two to three years. In 2012, the fund raised an initial round of financing and has partially invested the money. Target investment sectors are consumer internet, e-commerce in Ukraine and Russia, as well as software, mobile, gaming and other digital related projects with global prospects. According to its mandate, the fund will invest most of its capital into companies with R&D in Ukraine or Russia. Managing directors of the fund are Yevgen Sysoyev and Andrey Kolodyuk

To enquire about fund, deals or investments, please contact fund’s team at pipeline@aventurescapital.com

To enquire about augmented reality domain, company’s technology and partnership programs, please contact AR23D CEO, Vitaliy Goncharuk at ceo@ar23d.com

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