Deep tech developer QuarkXR is raising a €1.5M ($1.6 million) round as part of the company’s efforts to streamline Cloud XR (Virtual and Augmented Reality) for enterprises.
The company was recently approved by Romanian angel investing platform SeedBlink, where QuarkXR is planning to reach the first milestone of the round – €875,000. The company has already secured initial commitments by VC fund Vitosha Venture Partners and several other investors, amounting to €725,000, according to a news release.
QuarkXR has developed the largest cloud streaming platform in terms of the number of enterprise XR use cases. Its B2B SaaS solution utilizes cloud computing to turn any XR headset into a supercomputer, capable of rendering high-fidelity graphics and 3D models.
Through its cutting-edge cloud technology, QuarkXR enables immersion in high-fidelity virtual and augmented reality without the need for a powerful computer. Users receive the rendered images from the server closest to them (Edge Cloud) and are able to enjoy the experience via any wireless headset.
Commenting on the development, QuarkXR’s Co-founder & CEO, Krasimir Nikolov, said,
In order to further develop the potential of our technology and enter new markets, we are in the process of raising the remaining €150,000 from SeedBlink members. We are extremely happy to have the support of strong associates like Vitosha Venture Partners and to have been among the approved companies to join SeedBlink.
QuarkXR’s software solution is targeting a €10 billion market in industries such as Telecoms, Manufacturing, Automotive, Architecture, HealthCare, HR, Defense, and Entertainment. There is considerable interest from automotive manufacturers, especially who need high-quality, fast, and safe training for new employees in their factories. QuarkXR’s next-gen infrastructure for wireless virtual and augmented reality provides a significant solution there.
QuarkXR was named one of the pioneers in the Cloud XR space by NVIDIA. Most recently, QuarkXR became part of Bosch Startup Harbour where the company will collaborate with the conglomerate on different applications of XR in the field of digitalization, the Future of Work, AI, IOT, and other areas.
The company has attracted many investors in the past years and secured deals from clients such as Deutsche Telekom, Orange Silicon Valley, Orange France, and Telenet, as well as investments from LAUNCHub, HTC Vive Investment, Vassil Terziev, ODACIO, and CEO Angels Club.
