TCD spin-out Volograms raises €1.5m for its AR tech
Volograms has developed technology that enables people to create volumetric holograms with mobile devices, which can then be inserted into videos to create AR and VR content.
Sure Valley Ventures has led a €1.5m investment round into Trinity College Dublin (TCD) spin-out Volograms. Other investors in the round include Enterprise Ireland and the Atlantic Bridge University Fund.
Founded in 2018, Dublin-based Volograms is a reality capture and volumetric video company that enables users to capture volumetric holograms (or volograms) of real people.
By inserting the volograms into videos, users can create immersive augmented reality (AR) and virtual reality (VR) content for use in apps, social media and VR headsets.
Volograms raised €600,000 in a 2018 seed round, as co-founders Dr Rafael Pagés, Dr Jan Ondřej and Dr Konstantinos Ampliantis aimed to bring AR and VR technology “into the mainstream”.
Commenting on the latest investment, CEO Pagés said: “We are now ideally positioned to continue growing our team and scaling our technology. Having a real person in AR or VR unleashes the full potential of these technologies as it makes immersive experiences more human.
“Our volumetric video technology helps creators blur the lines between real, augmented and virtual realities. This investment will allow us to continue towards our mission to bring this technology to everyone.”
Volograms now plans to accelerate its work to make AR capture more accessible by integrating its technology onto personal mobile devices. The company has already worked on projects with Samsung, the London College of Fashion and the Royal College of Surgeons in Ireland.
According to Sure Valley Ventures, existing solutions in volumetric video capture typically require individuals to travel to specialist studios with up to 100 cameras. Volograms has developed technology that can achieve high-quality AR image and video capture with far fewer cameras, reducing the cost for creators.
The venture capital firm added that the mobile AR market is forecast to grow from one billion compatible devices and over $8bn in revenue in 2019 to 2.5bn compatible devices and $60bn in revenue by 2024.
Sure Valley Ventures managing partner Barry Downes said: “This is another step in our strategy to provide our investors with exposure to high-growth, futuristic technologies such as Volograms.
“The mobile augmented reality market is experiencing significant growth. Volograms’ groundbreaking technology will enable mobile phone users to take AR pictures and videos, then view, edit and share them with others. This can be done directly or through social media platforms.”