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InterApp, Pakistan’s first augmented reality (AR) startup, said on Wednesday that it raised $1.2 million in a pre-seed funding round.
According to a press release, the purpose of the funding by a US-based capital firm was to “make AR a necessary consumer tool and an opportunity for creators to sell their NFT (non-fungible token) on the InterApp marketplace that is currently in beta phase.”
The press release said that InterApp changes how people interact with print designs, by making them “live using AR in real time”. Creators can turn their designs into NFT and make them interactive with zero coding experience, the statement added.
InterApp said its vision was to bridge the gap between the digital and physical realms in the consumer industry, adding that the investment would be used to boost marketing efforts and acquire 10 per cent of the total addressable market within a year.
“The value this project can bring to brands and consumers can be a game-changing improvement. This step marks it as a landmark in the venture capital landscape of the digital world.”
The startup was founded by Ahmed Malik, Ali Ahmed, Jameel Qureshi and William Class, and is based out of Lahore and Austin.
OrbitEd raises $500,000 in pre-seed round
OrbitEd, an Islamabad-based educational technology (ed-tech) startup using AR, also announced raising $500,000 from Silicon Valley-based Boost VC in a pre-seed funding round, taking its total funding to $800,000.
According to a press release, OrbitEd is...
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