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.
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.