San Francisco – eyecandylab, the company behind augmen.tv which enables augmented reality around video, has raised a $1.5 million seed round led by Band of Angels, Silicon Valley’s first angel investment group, with additional investments from LG Technology Ventures, an investment arm of the South Korean LG Group, and additional angel investors.
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 the team in the US. “I am excited to have such amazing partners with us, to support our vision of the interactive future of video entertainment. The entire eyecandylab team is looking forward to igniting the next stage of our company” said Robin Sho Moser, CEO of eyecandylab.
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. Customers 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.”
To support its expansion plans, eyecandylab is bringing in industry experts onto their advisory board, including AR and spatial computing expert Tom Emrich, Deutsche Telekom’s Director of Immersive Technology Terry R. Schussler and Andy Gstoll, former CMO of Wikitude and founder of Mixed Reality I/O.
“eyecandylab is on track to take advantage of the convergence of 5G, XR and next generation broadcast video” said Schussler. “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.” Tom Emrich added: “I have been consistently impressed by the product growth and traction eyecandylab has demonstrated since I met them in 2017. The team behind this company, led by Robin Sho Moser, is exceptional and I am excited to join the advisory board to help them continue to succeed in making augmented reality a reality in the consumer space. eyecandylab could be one of these critical use cases for mass adoption in consumer AR.”
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eyecandylab’s outstanding technology augmen.tv brings augmented reality to video. The startup was founded in 2017 and has worked with customers like VIACOM, NBCUniversal, SoftBank, LG Uplus, WWE, adidas, and other major global players. eyecandylab is originally based out of Munich, Germany and is now present in the US with offices in New York City and Los Angeles.
The augmen.tv platform provides AR solutions, using moving images for marker purposes with its unique, patent-pending TELEMARKTM technology. The technology can be incorporated in any existing app of media companies who wants to enhance their broadcast with an interactive layer. Customers who provided engaging experiences using the augmen.tv platform saw an increase in viewer retention and sponsorship opportunities.
About Band of Angels
Band of Angels is the first angel investment group in the United States and has served as the model for many angel groups world-wide. Founded in 1994, Band of Angels today is comprised of 165+ members who have had successful careers as startup entrepreneurs and corporate executives and have equally strong track records as angel investors and mentors. Since its inception, Band of Angels has invested in more than 400 startup companies with 61 profitable M&A exits and 12 IPOs.
About LG Uplus & LG Technology Ventures
LG Uplus is the communication arm of LG Group and South Korea’s top telecommunication carrier. It rolled out world’s first 5G service in Korea in April, a market with more than 1.8 million 5G subscribers. LG Technology Ventures is the venture investment arm of LG Group, and manages over $400 million of fund assets and invests in early-stage tech startups to create value for LG companies.