GeoCV, adding “R” to VR.
Today we are announcing $1.8M investment in GeoCV. This is already our second investment in the VR space. The previous one, Echopixel, is already changing medical imaging here and GeoCV is aiming to transform another huge market of real estate.
In 2016 VR industry reportedly attracted $2B in funding, and is getting much attention from both VCs and corporates. New gadgets coming to the market are truly immersive, and will soon become friendly, too. So together with Facebook, Google, HTC, Sony and the rest, we believe in the future of VR. And while the majors are pouring billions into the hardware, early stage VCs, like us, are also finding our way to ride this technology wave.
So here is what we find exciting about our new investment.
First off, the experience it brings. My first chat with Anton (CEO of GeoCV) took place in his apartment in New York. He walked me around the place, and then we stayed in his living room for another hour discussing product and business plans. And then I put off the HTC Vive set to find myself in their R&D office in Europe. No magic here. The New York apartment was scanned with GeoCV application and loaded into VRChat as a virtual world.
Adding Real Content. My previous experience with VR was more “V” than “R”. Synthetic, computer generated worlds and 360 views bound to specific viewpoint were ok, but not truly immersive. GeoCV is finally adding the “R” to VR. With GeoCV app and new-gen Tango smartphones anyone will easily create a high-quality volumetric model of almost any real space. I believe this was the missing element for the VR industry to really take off.
The Real Market for Virtual Reality. One can think of dozens of use cases for this technology. But real estate alone, with 2M+ agents and 5M+ houses sold annually in the US and online marketing expenditures of $13B, represents a huge opportunity. But to GeoCV, real estate is just the beachhead market on the way to virtualize the entire physical world.
Tech Stack. VCs love technology-based competitive advantages. These help win market leadership and protect it for a long time. GeoCV really shines here with their device position tracking, trajectory estimation, geometry computation, view-dependent texture mapping and other sophisticated algorithms under the hood.
Team. Last but not least, half of the GeoCV team are PhDs in computer vision and this is already the 4th company that founders Anton (CEO) and Gleb (CTO) are building together.
I believe these factors combined will lead to a great success of GeoCV.
Good luck guys! Years of hard work ahead!