AR enabler Banuba raises $5 m from Larnabel Venture, VP Capital

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Hong Kong-based Banuba, an augmented reality enabler, has received  $5 million investment from Larnabel Ventures and VP Capital, according to an announcement on February 22.

Founded in 2016, Banuba’s core technologies are based on modern machine learning algorithms including neural networks that can detect and identify objects, facial expressions, and gestures in real time. This will be the first investment  into Banuba.

They expect to provide non-exclusive access to its technologies to third parties, and plan to launch its first mobile application in the first quarter of 2017.

“Augmented reality is an important growth area in mobile technology, and Banuba is set to become a key innovator in the sector,” said Said Gutseriev Managing Partner of Larnabel Ventures.

Larnabel Ventures is founded by the Gutseriev family of Russian businessmen with  accumulated wealth of nearly $4 billion in 2015 and is a venture firm aimed to invest in the information technology space.

VP Capital is a technology focused global investment vehicle founded by Viktor Prokopenya. He also founded ex(capital), a market marketing company and Viaden Media, a leading developer of online mobile apps. Some of the apps include All-in Fitness, Smart Alarm Clock and Yoga.com.

“As a young company with great ambitions, we are thrilled to receive backing from Larnabel Ventures and VP Capital. Their confidence and support will help us further develop our technologies and take augmented reality to the next level,” Vadim Nekhai, CEO of Banuba Development.

The augmented reality technology is used for a number of ways including entertainment mobile applications, educational programmes, and emotion tracking.

“Banuba is at the cutting edge of artificial intelligence and augmented reality technologies. Over the past year, it has been able to develop innovative, fast-learning algorithms for mobile devices that are often constrained by relatively limited hardware,” said Prokopenya.

Banuba is expected to create “even more innovative and powerful experiences for consumers,” as stated.

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