Hong Kong AR player Banuba raises $5m
Banuba, a Hong Kong-based developer of technologies for augmented reality (AR) mobile applications, has raised $5 million from VP Capital and Larnabel Ventures.
The investment will be used to accelerate development on Banuba’s first mobile app, which is set for release in the first quarter of 2017. Banuba also plans to allow third parties to access its technologies in order to make their own applications.
Banuba develops software to allow smart phones to recognize facial expressions, gestures and objects and apply filters and video effects in real time. The company expects a wide range of developers to find its technology appealing for entertainment, education and communication apps. Founded in Hong Kong last year by Belarusian entrepreneur Vadim Nekhai, Banuba employs more than 30 engineers in Hong Kong and its development office in Belarus.
“Over the past year, Banuba has been able to develop innovative, fast-learning algorithms for mobile devices that are often constrained by relatively limited hardware,” said Viktor Prokopenya, founder of VP, in a release. “Hardware developers are evolving their devices to support increasingly popular augmented reality programs, and as phones’ computing strength and camera capabilities continue to advance, Banuba will be able to create even more innovative and powerful experiences for consumers.”
Interest in both AR and virtual reality (VR) technology has grown rapidly among investors both in Asia and worldwide, with the number of deals in this space for Asian start-ups roughly doubling every year since 2013. Investments include a RMB250 million ($37 million) round last year for Neobear, a Chinese developer of interactive learning tools for children, led by New Horizon Capital.
Asian investors have also targeted developers outside the region, with China Investment Corporation, WestSummit Capital and FreeS Fund taking part in a $181 million Series C round for US-based game engine developer Unity, whose tools are used in VR and AR games such as last year’s hit Pokemon Go. Also last year, Malaysian government-controlled investment fund Khazanah Nasional led a $54 million Series D round for UK-based AR tech developer Blippar last year to support its Asia expansion plans.
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