NetSol Invests $5M in 3D Mapping and VR Firm eeGeo

3D and Virtual reality-based startups are suddenly hot properties in 2016, largely thanks to the search for the next big immersive experience for consumers and businesses. One such startup, eeGeo is hoping to make a big splash in the 3d mapping applications and immersive virtual reality space.

The London-based startup eeGeo recently secured $5 million in funding from NetSol Technologies, a known name in IT solutions provider in the US and other countries. As part of the investment, both the companies will now enjoy a strategic partnership where NetSol and eeGeo engineers will work and collaborate on many new products.

eeGeo has been valued at just over $26 million, based on the investment NetSol will make ($3.912 million) and the 15% stake that it will hold in eeGeo subsequently.

About eeGeo

The VR and 3D solutions company may not be known to most people but its technology is in widespread use that you may have come across it. Apps developed by eeGeo have been downloaded 4.5 million times.

eeGeo was co-founded by two guys, one from Sony and one from Google respectively – CEO Ian Hetherington and Rian Liebenberg. They currently count Cisco, Samsung and more as their clients by providing them mapping apps for consumers and businesses.

The first products eeGeo made was for the consumer. Recce, an interactive map / gaming platform, as well as Go Deliver, a location-based, marketing platform nested inside a game. But during the last few years, the company has ventured into the B2B space, starting with outdoor maps and eventually finding a lucrative prospect with indoor visualizations.

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A 3D Environment designed with eeGeo Tools

eeGeo’s indoor visualization and 3d mapping tools come in handy when organizations are looking into designing 3d interior models for their products. eeGeo’s solution is unique in the way it makes use of a 2D map to design elaborate 3D interiors. To date some 25,000 buildings have been designed with eeGeo’s tools.

The company looks towards the future, looking at the promise held by crowdsourcing mapping data, integrating its tech to improve accuracy for indoor and outdoor maps. eeGeo’s product is hardly unique when it comes to 3D visualizations per se. But in the market, their product appears to be the most flexible. It wants to be more than just ‘Google or Apple’ and that is primarily one of the reasons why the co-founders have enjoyed business success by letting brands build their own identity from scratch.

Via: Techcrunch

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