The Munich-based startup Eyecandylab has raised $1.5 million in a seed financing round. The lead investor is the 'Band of Angels,' an experienced Silicon Valley angel investment group. The round is complemented by investments from LG Technology Ventures, the investment arm of the South Korean LG Group, and several other angel investors.
Eyecandylab is the company behind Augmen.tv. The platform enables interactive augmented reality to be displayed around videos and TV shows, enabling producers to tap into new revenue streams. The Munich-based startup has received numerous awards, including being named "Digital Startup of the Year 2019" by the German Federal Ministry for Economic Affairs and Energy. In addition to Munich, the company has headquarters in the USA, with offices in New York City and Los Angeles.
Eyecandylab: Expansion to Asia and the USA planned
With the investment, Eyecandylab aims to accelerate the development of its scalable SaaS platform, enter new strategic markets in Asia, and expand its team in the US. Robin Sho Moser, CEO of Eyecandylab says:
"We are delighted to have such strong partners on our side to support our vision of an interactive future of video entertainment. The entire Eyecandylab team is more than ready for the company's next steps."
The Munich-based company's solution can be integrated into any app. The startup thus creates new ways for viewers to interact with content related to sports, media, entertainment, and commerce. Existing customers include NBC Universal, ProSieben, and Softbank.
Rollout in South Korea this year
Together with new investor LG Uplus, the Munich-based startup will launch a 5G service in South Korea in the coming months. Keeman Seoh, Vice President Strategic Alliance & Global Partnership Unit of LG Uplus, explains:
“Eyecandylab’s technology is a perfect unique selling point and gives us the opportunity to further expand our leadership position.”
Industry experts support the Advisory Board
To fuel its expansion plans, Eyecandylab has appointed various industry experts, including AR and spatial computing expert Tom Emrich and Terry R. Schussler, Director of Immersive Technology at Deutsche Telekom, to its advisory board. Schussler says of Eyecandylab's offering:
“It is a perfect, targeted use of technology to unlock the enormous business potential that will arise from combining traditional video content with interactive XR experiences.”
Tom Emrich also believes that Augmen.tv has the potential to be one of the key applications for the mass adoption of AR in the consumer segment.
