Estonia-based Alpha AR, an AI-powered automatic 3D content creation platform, announced on Wednesday that it has raised $800K (nearly €723K) in a fresh round of funding. This investment brings the total funds raised by Alpha AR to $1M to date.
The investment came from Curiosity, a Dutch VC fund focused on seed-stage investments in AI startups of Northern Europe, in collaboration with ZAKA Ventures, a VC firm focused on pre-seed and seed investments all across the EU.
Capital utilisation
Alpha claims that the funds will help develop its AI platform as well expand its services internationally. Specifically, the startup aims to play a key role in the growth of the metaverse: virtual environments, existing out of a combination of elements of various technologies such as virtual reality, augmented reality and video communication, resulting in a blend between the online and physical world.
Examples of the metaverse are games such as Fortnite, and fashion stores offering the possibility to try on clothes virtually. The metaverse is expected to play an increasingly important role in industries such as gaming, entertainment, social media, productivity, and retail.
Co-founder and CEO of Alpha, Madis Alesmaa, says, “We’re very excited to see such a strong interest in our company and technology. The funding raised brings us one step closer to reaching our goal of growing into the market leader for the development of the metaverse.”
“From a 2D image to a 3D model”
The growth and popularity of virtual environments have increased the demand for 3D models and so-called ‘digital twins’. In response to these developments, co-founders Madis Alesmaa, Rait-Eino Laarmann and Gholamreza Anbarjafari decided to start their company, Alpha AR.
Founded in 2018, Alpha’s technology enables users to turn any 2D image into a 3D model automatically, without requiring any special skills or experience in 3D modelling. The startup claims that by using machine learning, its platform takes care of the complete transformation process and creates ‘high-quality’ 3D models, which are cost-efficient and quicker than ever before.
These models are suitable for augmented reality (AR), virtual reality (VR), virtual try-ons, NFT, and the metaverse. By offering an online platform for the use of the technology, Alpha AR’s software is deployable worldwide.
Currently, Alpha AR is in its early commercialisation phase and is working with international brands such as Renault, Meta, Farfetch, WANNA, PWC, VivaTech, Publicis, Threedium and Plug and Play.
About Curiosity
Curiosity is an Amsterdam-based venture capital firm focusing on early-stage investments in AI-driven software companies in the Benelux, Nordics and Baltics.
The firm was founded in 2021 by investors Herman Kienhuis (McKinsey, SanomaDigital, KPN Ventures, River Venture Partners) and Maurice Beckand Verwee (Walvis Participaties, Crosspring, River Venture Partners).
On investing in Alpha AR, Herman Kienhuis says, “The combination of advanced technology and strong entrepreneurship creates tremendous growth potential for Alpha AR. The startup has already attracted well-known international brands as customers, and there’s a waiting list now. We’re looking forward to supporting Alpha AR in their ambition of becoming a global player in 3D content creation.”
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