New Delhi, March 13 -- US-based extended reality company Omnia has acquired Bengaluru-based augmented reality (AR) startup SpotKwik as it seeks to expand its offerings spatial computing.
The acquisition will help Omnia gain access to SpotKwik's research and development (R&D) and product offerings.
The companies didn't disclose the financial terms of the transaction.
However, a person familiar with the matter said the acquisition will be done via share swap. The person added that Omnia is valued at $10 million, but refrained to divulge the size of the transaction.
SpotKwik was founded in 2019 by Mithun Adith. It provides AR-based platform leveraging to auto-tag influencer posts with products, allowing users to try on and purchase items virtually. It sells items jewellery and beauty products like lipsticks, offering customers virtual experience of the product without the need to visit a physical store. The company has formed seller partnerships with Meesho and affiliate partnerships with Amazon.
"Omnia, with its XR distribution expertise and notable clients such as Tesla, AOI, and GM, is the perfect partner to help us build the future. Together, we are saying goodbye to mobile computing and hello to spatial computing," Adith said in a statement.
SpotKwik in 2020 secured $35,000 in pre-seed funding from Silicon Valley-based MARL 5G Accelerator at a $700,000 valuation.
Omnia is a spatial computing platform led by Aldo Petruzzelli based in Chicago. It provides a marketplace for AR creators, enterprises, and brands, serving spatial experiences to clients like Tesla, AOI, and various US-based brands.
Published by HT Digital Content Services with permission from VC Circle.