In this webinar, we host Ran kern the CEO of Augmind and Chemi Peres the Managing General Partner and Co-Founder of Pitango. Together we talk about their collaboration.
- SectorMixed Reality
Augmind represents a complete revolution in the process of creating high-fidelity MR content
- FoundersRan Kern, Yuval Gloz
- Notable Shareholders
- Round size
- Pre-Money Valuation
Augmind revolutionizes Mixed Reality (MR). You'll be blown away by the next generation of highly realistic and immersive content creation technology.
Augmind is an online SaaS platform designed to enable Virtual Reality (VR), Augmented Reality (AR) and MR developers to create hyper-realistic, highly-compelling visuals and digital content faster than ever before. By making MR graphic production faster and more accessible to developers, Augmind will clear a path for MR adoption by numerous industries including retail, real estate, gaming and more. Augmind’s MR development platform will offer app developers the world over a content creation tool that will allow them to achieve stunning, realistic results while significantly shortening production time.
Augmind’s cutting-edge proprietary technology uses breakthrough "Shader Technology", algorithms, Machine Learning, and Computer Vision to enable MR app developers to achieve high-fidelity content in days, rather than weeks or months. Another game-changer from Augmind is that their MR content will run seamlessly on mobile devices, something which until now was mostly unachievable due to the large size of output files for high-end MR apps.
Augmind is driven by a highly-experienced team with many years in the industry and an immense passion for MR.
Augmind is having a moment during the COVID-19 pandemic by allowing us to feel closer to one another, moving us beyond the confines of social distancing, and connecting us to our coworkers and the world despite the necessary, but frustrating restrictions keeping us all at home and making remote working challenging.
When asked about challenges in a recent Augmented and Virtual Reality Trends Survey, 99% reported technology challenges were the main deterrents to AR/VR becoming mainstream. Principal among these are the price of manufacturing AR/VR devices and the limitations of AR/VR-specific and consumer devices.
Augmind focuses its efforts on solving the following main challenges faced by many developers today when creating MR apps.
“Shader Technology” is one of the core elements in the creation of realistic MR content and apps, and this technology is challenging to implement. Until Augmind came along, complex shaders were very heavy and slow, and therefore discarded from most mobile platforms, leading to developers settling for low quality, inferior graphics. The complexity of traditional methods of creating high-end MR apps meant that the whole process was long, tedious, and required expensive and experienced developers to do it. Again, studios were accustomed to settling for lower quality visuals due to these difficulties. Lastly, the virtual content created by these older methods appear detached from the real-world environment, and lacking in the seamless flow between virtual and real that so many industries today demand.
- Expensive and slow to produce: Currently, AR content creation is difficult, tedious, time-consuming, and expensive to produce.
- Poor quality: Developers often settle for lower-quality graphics due to cost and time restraints.
- Too heavy for mobile: AR and 3D-heavy mobile apps are taxing on most devices.
- Optimization challenges: Many current offerings cannot be easily applied across devices.
- Migration issues: Existing content and franchises cannot be seamlessly migrated from old-fashioned mobile platforms to AR.
- Real-world integration: Current offerings struggle with super-imposing virtual content onto real-world environments seamlessly.
Augmind started out as a studio designing and creating unique projects - such as holograms and other augmented reality projects - for high end clients. They have been in the business for quite a few years now and have gained key insights not only into the technology, but also into the market, the challenges, and the need for their solution. Their existing projects enable Augmind to launch their company, generate massive brand awareness, and, most importantly, test and improve their unique core technology. Augmind’s goal is to continue to develop these unique solutions that will change the way users consume content going forward.
The main solution that Augmind is currently developing (alongside multiple ongoing Studio projects) is an Advanced Content Creation Platform.
Augmind revolutionizes the process of creating high-end and realistic MR apps, solving the toughest challenges in the market today and addressing the needs of tomorrow. Augmind’s solution is offered as an online SaaS platform, designed to provide a quick and easy method for creating staggeringly lifelike virtual content that runs fast on mobile devices. Using Artificial Intelligence, Augmind’s solution stacks up advanced automated functionalities that result in significant time and money savings. Another benefit is that the platform requires minimal prior knowledge and experience, thus opening the door for studios without the right background or tools to be able to quickly create killer apps.
Here are some of the highlights of Augmind's solution.
- A Revolution in 3D: Augmind represents a complete revolution in the process of high-end mobile AR content creation. Augmind’s unique online platform will enable studios and developers from all over the world to easily create life-like and mobile-performant AR content faster than anyone else on the market.
- True-Real - Unforgettable Results: The speed of production when using the new Augmind platform results in absolutely zero compromise on quality. Augmind’s platform results in outstanding photo-realistic graphics and visuals that transport users to realistic new worlds and remain emblazoned on their memories long after.
- Superior Mobile Performance: Augmind’s technology enables rendering high-fidelity interactive visuals on mobile in Real-Time. Augmind’s algorithms compute normally heavy graphics differently, producing an ultra-lite output that is easily downloadable and runs fast on most devices.
- Total Immersion Dynamic Mixed Reality: Sit in your living room and interact with AR figures in your own surroundings. No one does this quite like Augmind. Their content superimposes upon your natural environment and dynamically reacts with real-world conditions like lighting, reflections, blur, and mobile camera behavior, creating a totally immersive digital experience.
- Ahead of the Game: Augmind proprietary platform is intuitive and only requires a short learning-curve, enabling users to be up and running creating their own AR content within hours rather than months or days. With Augmind’s technology developers can beat others to the post and streak ahead of the competition.
- Save Money: Augmind represents the economical choice for most companies. Augmind’s rapid and easy execution will allow studios to develop AR faster than ever and at massive savings to the companies they serve.
Why Are We Investing?
There are several factors that inspire our confidence in the AR/VR industry in general, and in Augmind, in particular.
In this section, we will run through the relevant factors.
1. Global Trends
1.1 Fast Growing Market and Global Impact of New Technologies
VR and AR technologies will transform the way organizations work, engage with and inform customers and colleagues, and grow their revenues. As well as boosting the global economy, these technologies will improve the way organizations operate, make processes faster and more efficient, contribute to enhanced workplace safety, and help create incredible experiences for users and customers. In PwC’s “Seeing Is Believing” report, 2019, the impact of VR/AR technologies is estimated to be far-reaching and revenues are projected to grow from a current GDP contribution of $46.4 billion to $1.5 trillion by 2030 [Source: pwc.com/SeeingIsBelieving].
1.2 Current Environment: Businesses are Ready to use AR/VR Technologies to Drive Change and the Technology to Allow This is Advancing Quickly
1.2.1 Business Benefits
According to recent research, 70-75% of people aged between 16 and 44 have some awareness of AR and 88% of mid-sized companies are already using AR in some capacity and receiving added value from it. [Source: vXchnge]
Mixed Reality technologies can deliver multifarious business benefits that are now richer and more attractive than before due to technological advances. One such benefit is the capability to train employees and test out procedures virtually. This includes simulating realistic scenarios instead of exposing personnel to high-risk environments. For example, militaries can use VR to train soldiers for parachute training and bomb disposal.
By bringing teams from widespread locations together into a single virtual space, MR technology may also accelerate product development. MR technology can also allow design teams to explore, test and evaluate concepts easily without having to invest in physical prototypes. This will potentially allow organizations to bring high-quality products to market faster.
Automotive companies are also deploying VR to cut the time between initial design and physical modelling from weeks to days.
Companies that use MR may be viewed as innovative and forward-thinking within their industries, which, in turn, will help attract business partners, investment or talent.
The benefits of MR, however, do not end with process improvement. Businesses in varied sectors are recognizing the opportunity to create new revenue streams and grow existing ones. Retail, hospitality and automotive are just three sectors already exploring the potential to sell and showcase products via both VR and AR, while gaming and entertainment companies are using these technologies to create new experiences and products. New revenue streams are also being created for businesses developing and designing MR services and technologies.
1.2.2 Technological Advances
Now that MR technology is finally maturing, the time is ripe for businesses to explore the benefits and the huge potential rewards of adoption. While past experiences with MR have been clunky for many, the hardware and software are evolving every day. MR content is becoming more sophisticated and engaging, and improved connectivity is opening a new range of business use-cases.
There are several technological advances in the MR space that make these technologies more accessible for businesses:
○ The latest headsets are lighter, cheaper, and more comfortable to use than older models.
○ The more widespread use of 5G networks offering higher gigabit per second speeds will benefit VR and AR through reduced latency and the delivery of a smoother, richer and more engrossing user experience. 5G will also mean that headsets will no longer be reliant on built-in processing or storage, likely bringing down cost and enabling more user-friendly designs. Also, with 5G, the processing and storage of data can be pushed to the cloud instead.
○ The development of haptic technology means that the sense of touch can now be added to enrich the user experience. Applied to MR, haptics will allow users to ‘touch’ things in the virtual world and get instant feedback. Haptics adds another dimension to the virtual experience allowing users to actually ‘feel’ their interactions. Haptics will allow for intuitive gestural controls in workstations, which could lead to increased productivity or add an extra dimension to data visualization. This technology has widespread use in fields such as healthcare, engineering, automotive, and other industries to help users interact with digital interfaces in a more seamless way.
2. Augmind’s Competitive solution and Track Record
2.1 Augmind’s Competitive Solution
Augmind represents a complete revolution in the process of creating high-fidelity MR content by creating extremely life-like, light and mobile-performant content faster than anyone else on the market. A few short years ago, and even today, Augmind’s capabilities would have sounded like science fiction - but this pioneering company has managed to make what seemed like the stuff of dreams into present-day reality.
2.2 Augmind’s Expertise and Execution
The team has sound experience spanning more than two decades in the world of digital content and a background of good execution and forming reliant and high-profile partnerships.
Thanks to its stellar team of Digital Reality professionals, Augmind began creating projects for the highest-profile clients from the get-go. Notable and renowned projects are their hologram of the late President Shimon Peres which twice delivered the inaugural address to a stunned audience of world leaders at the Israel Innovation Summit, 2018. Augmind quickly moved onto working with big-name clients like AT&T and more, leveraging their core tech and know-how to assist their clients in growing their businesses. Today, Augmind is building a new development platform that will enable other developers to create projects of the quality that only they have been able to achieve to date.
3. BuiltUp Ventures Fund Focus
In addition to all the factors listed above, the BuiltUp Ventures Fund has decided to invest in Augmind because of AR’s potential contribution to the Proptech & Contech ecosystem which forms a sizable portion of BUV’s portfolio.
Augmind’s product will be of great value in the real estate market where ultra-realistic mobile visuals of interior and exterior design are powerful tools for showcasing and selling properties. BUV’s connections and expertise in the real estate industry provide an additional impetus to form a synergy between them and Augmind.
Based on all the above, and on our understanding of the market and the true value proposition of Augmind, we regard this investment opportunity to have extremely high potential, especially when considering the markets’ exponentially increasing demand for high-end content. We firmly believe that the core tech developed by Augmind is unique and comprises a leap into the future, making the kind of Mixed Reality people only dreamed of a few years ago a reality today.