Originally based out of Munich, Germany and now present in the US with offices in New York City and Los Angeles, the company behind augmen.tv which enables augmented reality (AR) around video — eyecandylab — has raised a €1.35 million of investment recently.
The seed round was led by Band of Angels, Silicon Valley’s first angel investment group, with additional investments from LG Technology Ventures, an investment arm of the South Korean LG Group, and additional angel investors.
How will the funds be used?
The company will use the funds to accelerate the development of its scalable SaaS platform, to enter new strategic markets in Asia and to expand the team in the US.
Robin Sho Moser, CEO of eyecandylab, said:
I am excited to have such amazing partners with us, to support our vision of the interactive future of video entertainment. The entire eyecandylab team is looking forward to igniting the next stage of our company.
Founded in 2017, eyecandylab provides a computer-vision software solution using videos as a trigger for AR content on consumer mobiles and AR glasses. Integrated into existing apps, it enables enterprises from media, entertainment, sports and commerce to drive user engagement and tap into new revenue streams by providing an interactive AR layer around screens. Customers include VIACOM, NBCUniversal, WWE, and Softbank.
Further, along with LG Uplus, eyecandylab will launch an important 5G service in South Korea later this year.
Keeman Seoh, Vice President Strategic Alliance & Global Partnership Unit of LG Uplus.
As the leading provider of innovative services in 5G, we are thrilled to offer relevant use cases to our consumers. eyecandylab’s technology is a perfect differentiator and we are looking forward to taking the next step to extend our leadership position.
To support its expansion plans, eyecandylab is bringing in industry experts onto their advisory board, including AR and spatial computing expert Tom Emrich, Deutsche Telekom’s Director of Immersive Technology and Andy Gstoll, former CMO of Wikitude and founder of Mixed Reality I/O.
Terry R. Schussler, said:
eyecandylab is on track to take advantage of the convergence of 5G, XR and next generation broadcast video. It is a perfectly targeted use of technology to realize the massive potential business that will come from blending traditional video content with interactive XR experiences.
Tom Emrich added:
I have been consistently impressed by the product growth and traction eyecandylab has demonstrated since I met them in 2017. The team behind this company, led by Robin Sho Moser, is exceptional and I am excited to join the advisory board to help them continue to succeed in making augmented reality a reality in the consumer space. eyecandylab could be one of these critical use cases for mass adoption in consumer AR.
Stay tuned to Silicon Canals for more updates in the tech startup world.