Chymera provides a solution to advertisers, who are keen to leverage VR as a storytelling and brand building platform and to earn revenue for each ad served
Chymera VR, an India- and US-based monetisation and advertising platform for virtual reality (VR), has secured an undisclosed sum angel funding from Anupam Mittal (People Group), Varsha Rao (Airbnb and LivingSocial), Surojit Chatterjee (Google), Nirav Choksi (HHC Holdings) and few other undisclosed individuals, through Bangalore-based online deal-making platform LetsVenture.
The startup will use these funds to ramp up product development in Bangalore and to expand publisher and advertiser base, primarily in the US.
“Since we launched publicly, we have received an overwhelming response from the VR ecosystem. Our current focus is to onboard quality publishers and improve on ad experience. Chymera has already partnered with 12 publishers in the US, UK and France,” said Co-founder and CEO Smeet Bhatt.
The VR company was incorporated in 2015 by IIT Bombay batchmates Sushil Kumar and Bhatt. They were later joined by Robin Philip (IIT Delhi). Chymera provides technology solution to advertisers who are keen to leverage VR as a storytelling and brand building platform. VR developers integrate Chymera ads with their content to earn revenue for each ad served.
Chymera has deployed ad formats that it claims are highly engaging and immersive. The startup claims its ads have generated 60 per cent higher click-through rates (CTR) and 200 per cent higher CPMs (cost per thousand) compared to 2D mobile ads.
Anupam Mittal, CEO of People Group, said, “Historically, adtech pioneers like DoubleClick, AdMob and LiveRail start early build a scalable tech platform and capture early publishers. Soon, market reaches an inflection point where their customer base expands exponentially. Chymera has worked for considerable time with early VR community in Silicon Valley and are well-equipped with talent to become a valuable player in VR adtech.”
Sushil Kumar, Co-founder and CTO of Chymera, said, “VR headsets provide unique set of data that has never been captured before. Engineering at Chymera is trying to leverage it to serve relevant, non-intrusive and highly immersive ads — a much needed step in this era of ad-blockers.”
VR ad-tech is expected to be a US$3B opportunity by 2020. Currently, VR publishers are struggling to generate revenues.
Founded in 2013, LetsVenture enables startups and investors to discover each other. There are 12,000-plus startups and 2,200-plus investors on the platform. It works with startups and investors on discovery, syndication and closure. LetsVenture has enabled more than 100 startups to raise over $US40 million.
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