Munich-based eyecandylab, the company behind augmen.tv which enables augmented reality around video, has raised a €1.35 million seed round led by Band of Angels, Silicon Valley’s first angel investment group, with participation from LG Technology Ventures and additional angel investors.
Eyecandylab provides a computer-vision software solution using videos as a trigger for AR content on consumer mobiles and AR glasses. Integrated into existing apps, it enables enterprises from media, entertainment, sports and commerce to drive user engagement and tap into new revenue streams by providing an interactive AR layer around screens.
The company will use the funds to accelerate the development of its scalable SaaS platform, to enter new strategic markets in Asia and to expand its team in the US, where it has offices in New York City and LA.
“I’m excited to have such amazing partners with us, to support our vision of the interactive future of video entertainment,” said Robin Sho Moser, CEO of eyecandylab. “The entire eyecandylab team is looking forward to igniting the next stage of our company.”
Founded in 2017, the startup’s customers already include VIACOM, NBCUniversal, WWE, and Softbank. Together with LG Uplus, eyecandylab will launch an important 5G service in South Korea later this year.
“As the leading provider of innovative services in 5G, we are thrilled to offer relevant use cases to our consumers,” said Keeman Seoh, Vice President Strategic Alliance & Global Partnership Unit of LG Uplus. “Eyecandylab’s technology is a perfect differentiator and we are looking forward to taking the next step to extend our leadership position.”
“Eyecandylab is on track to take advantage of the convergence of 5G, XR and next generation broadcast video” said Deutsche Telekom’s Director of Immersive Technology Terry Schussler, who will join the startup’s advisory board. “It is a perfectly targeted use of technology to realize the massive potential business that will come from blending traditional video content with interactive XR experiences.”