vGIS Inc., the leading developer of augmented reality applications for spatial data, is pleased to announce the completion of a seed financing round. The funding comes from Aurum Holdings, which specializes in investments in high-growth, high-potential early-stage startups.
vGIS, founded by Alec Pestov in 2016 as a spin-off from a knowledge management project, has developed a platform for visualizing spatial data, such as GIS, BIM, and complex 3D models using augmented, mixed, and virtual reality technologies. The extended reality apps built on the vGIS platform help optimize decision making for office staff and improve operations for field services.
“We’ve developed a product that brings instant value to our clients right out of the box and with minimal initial investment. This is a rare feat in an industry known for long, expensive custom projects. Right from the beginning, our focus has been on developing the best technology possible, making it easy to use, and providing maximum value to our customers. This has paid off in the form of establishing customer loyalty, securing technological leadership, and accumulating unique know-how in an industry positioned for explosive growth,” says vGIS CEO Alec Pestov.
vGIS has managed to achieve profitability less than a year after the initial product release, while gaining customers at an accelerating rate. The business model, leading market position, and underlying intellectual property attracted attention from several investors, which resulted in a funding deal with Aurum Holdings.
“After two years of working closely with a broad and diverse group of clients, we’ve managed to establish a product-market fit, gain solid traction, and develop a sustainable business model,” continues Pestov. “We have tremendous insights into the target industries’ AR and MR needs and have an extensive roadmap to satisfy their requirements. We are excited about our partnership with Aurum Holdings, as it provides us with the resources to accelerate investment in technology development, expand our operations and protect our intellectual property.”
The company currently operates in North America, Europe, Australia, China, and Brazil and counts Tier 1 construction companies, oil supermajors, leading AEC firms, and municipalities among its clients.