Wednesday, November 18, 2015

Youzu Interactive To Invest In Israeli Startup WakingApp

Israeli startup WakingApp, which provides tools for quick and easy creation of augmented and virtual reality content, has raised $4.3 million in Series C funding from Youzu Interactive (SZSE: 002174) as well as one of largest Internet and search companies in China.

Funds from the round will be used to expand the company’s AR/VR platform offerings and expanding its sales, marketing and business development in the US and China.

The two Chinese companies join existing investors Inimiti VC and Globis Capital in the round.

For Youzu, an entertainment company specializing in online game development and distribution, this is its first investment in an Israeli-based startup and represents an opportunity to move AR/VR content creation tools into the Chinese market.

WakingApp is based in Rosh Ha'ayin and founded in 2013.

The company has developed a groundbreaking AR/VR platform to enable any person even those with no prior programming experience to create advanced interactive augmented reality and virtual reality content that includes live data feeds, high-quality 3D imaging and animation, and games. Content can be created and distributed quickly and easily with the ENTiTi platform and is accessible online on smartphones, tablets and leading smart glasses without the need for additional devices.

“For some time now, we have been seeking to invest in AR/VR technology, as it is on the verge of influencing every aspect of our lives. It is an industry that is projecting 13,000% growth in three years and revenues of $150 billion in five years,” said Daniel Chen Fan, Investment Director of Youzu Interactive. “What impresses us about WakingApp is its ability to overcome a great user barrier by simplifying the way one creates AR/VR content, and we plan to bring this revolution to the Chinese market.”


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