New Delhi: Immersive technology start-up MAI Labs hopes to raise US$5 million in funding by September at a valuation of half a billion, a top company executive said on Wednesday.
The company plans to deploy the funds for the development of a virtual reality headset and an immersive technology platform with IPR protection for content creators.
“Developing immersive technologies requires huge amounts of investment. We have raised US$17.5 million at a valuation of US$250 million which gives you a runway of about 1.5 years.
Speaking at the launch of Mayaverse, an immersive tech platform, Tapan Sangal, founder of MAI Lab, said, “We are in the process of raising US$50 million at a valuation of half a billion by September, which will be enough to fund our launch.,
The company has partnered with Zee Media and TV Tokyo to adapt its content into the Mayaverse.
He said the headset business will require heavy investment as the company is looking to launch devices in the US$700 price range by December.
"We are connecting all the dots that are essential for the success of immersive technology. We will launch our app in 30 days that will enable content creators to transform their content into immersive technology. Apart from Zee Media, TV Toki, We are also in talks.Social media apps onboarding Mayaverse will soon have depth sensors in mobile cameras that will help ordinary users develop immersive content, Sangal said.
He said the company has done proof of concept with Ericsson and sees immersive content as one of the key uses of 5G and 6G technologies.
Ashish Minocha, chief business officer of Mayaverse at MAI Labs, said the company is developing a device agnostic full technology stack for immersive content.
He said that it is in the process of finalizing the vendor of the VR headset and I am trying to manufacture the device in India.
MAI Laboratories has approximately 200 employees and more than 90 percent of them are based in India.
The company plans to deploy the funds for the development of a virtual reality headset and an immersive technology platform with IPR protection for content creators.
“Developing immersive technologies requires huge amounts of investment. We have raised US$17.5 million at a valuation of US$250 million which gives you a runway of about 1.5 years.
Speaking at the launch of Mayaverse, an immersive tech platform, Tapan Sangal, founder of MAI Lab, said, “We are in the process of raising US$50 million at a valuation of half a billion by September, which will be enough to fund our launch.,
The company has partnered with Zee Media and TV Tokyo to adapt its content into the Mayaverse.
He said the headset business will require heavy investment as the company is looking to launch devices in the US$700 price range by December.
"We are connecting all the dots that are essential for the success of immersive technology. We will launch our app in 30 days that will enable content creators to transform their content into immersive technology. Apart from Zee Media, TV Toki, We are also in talks.Social media apps onboarding Mayaverse will soon have depth sensors in mobile cameras that will help ordinary users develop immersive content, Sangal said.
He said the company has done proof of concept with Ericsson and sees immersive content as one of the key uses of 5G and 6G technologies.
Ashish Minocha, chief business officer of Mayaverse at MAI Labs, said the company is developing a device agnostic full technology stack for immersive content.
He said that it is in the process of finalizing the vendor of the VR headset and I am trying to manufacture the device in India.
MAI Laboratories has approximately 200 employees and more than 90 percent of them are based in India.
