AutoVRse: Industrial AI Transformation Platform Secures $2.4 Million in Funding

AutoVRse, an industrial AI transformation platform, successfully raised $2.4 million in a funding round that was co-led by Singularity AMC’s Large Value Fund III and Early Opportunities Fund, together with existing investor Lumikai. Earlier, in February 2024, the Bengaluru-based startup had obtained $2 million during a seed funding round led by Lumikai.

The newly acquired capital will be directed towards accelerating product development, enhancing integrations with customer infrastructure, and broadening go-to-market initiatives in North America, as stated in a recent press release.

About AutoVRse

Founded in 2016 by Ashwin Jaishanker and Adarsh Muthappa, AutoVRse offers an AI-driven training solution and real-time field guidance for industrial operations utilizing VR modules, AI-powered smart glasses, and mobile applications.

User Base and Market Reach

The company proudly asserts it has catered to over 500,000 users across more than 50 enterprise clients in regions including North America, Europe, the GCC, and India. Notable clients include Amazon, Shell, ADNOC, ExxonMobil, Bosch, and NTPC.

Impressive Growth Metrics

AutoVRse reports having achieved over $8 million in annual recurring revenue (ARR) within just a year following its global product rollout, with almost half of the revenue deriving from international markets. Additionally, the company has experienced a staggering 250% year-on-year revenue growth.