Bangalore, April 6, 2017 – Chymera, a content monetization platform (Ad-network) for virtual reality (VR), raise an Undisclosed Angel Round from Anupam Mittal (People Group), Nirav Choksi (HHC Holdings), Varsha Rao(Airbnb), Apurva Salarpuria (Salarpuria Sattva Group) and others on LetsVenture.
“In my experience of having tracked the ad-tech industry, I’ve noticed a predictable pattern: ad-tech pioneers who capture an emergent phenomenon, go through explosive growth followed by consolidation through M&A. The banner-ad era had DoubleClick (acquired by Google), the mobile era had AdMob (acquired by Google), video era had LiveRail (acquired by Facebook). Virtual Reality is a future paradigm which would need an ad-network (monetization) to support mass adoption. I believe now is the right time to enter this space.”
“My interaction with the founders (Smeet and Sushil, both IIT-B grads) gives me confidence that they are the right team to pursue this opportunity. They have produced VR content in the past for paying clients, and have spent considerable time with the VR community in Silicon Valley. This experience has given them insight into how this space might pan out, equipping them to build Chymera into a valuable player in VR ad-tech.” said Anupam Mittal, founder and CEO of People Group and lead investor in the round.
Chymera is building an Ad-network, which will function as a VR Ad-marketplace between content creators and advertisers. The platform enables publishers to monetize their “free-to-use” content while giving an opportunity to advertisers to reach out and immerse their target audience in VR. The VR market size is predicted to be at $182 billion in 2025. By developing a VR advertising network Chymera is set for mass adoption. They launched mid-2016 to select spaces in Los Angeles and San Francisco and will be opening up to more areas now.
Founded in 2013, LetsVenture enables startups and investors to discover and connect with each other. There are 12000+ startups and 2200+ investors on the platform. LetsVenture works with startups and investors on discovery, syndication and closure. This involves managing due diligence and paperwork closure. LetsVenture has enabled more than 100 startups to raise over $40mn.