RDFlix Visual Effects Pvt. Ltd has raised pre-Series A funds from three early-stage investment companies.
Charu Noheria, who is also the chief business officer at 3RDFlix, said Exfinity Venture Partners is leading the funding round. IDFC Parampara, the Early Stage Opportunities Fund and YourNest also participated in the funding round.
The startup collected a total of $ 5 million (Rs 36 crore) in this round.
The company will use the funds to enter two to three new regions - the US, Southeast Asia and the Middle East.
The company currently only has a presence in India. He seeks to make immersive learning through video and VFX technologies such as augmented reality (AR), virtual reality (VR) and mixed reality.
The company took root in 2014 when the founders of Noheria, Subbarao Siddabattula and Ilangovel Thulasimani worked in the US in the healthcare IT service company Lumeris.
Siddabattula, who graduated from Andhra University, previously founded a company called ClearPractice in the health care IT segment. Thulasimani, who graduated from the College of Engineering, Guindy (Chennai), works with TCS and Cognizant software service companies. Noheria studied computer science in Bengaluru and later pursued an MBA from the University of Illinois-Urbana Champaign. He began his career at Samsung.
Noheria said the three initially explored various other verticals for startups such as fintech and the B2B market which focused on logistics before deciding on education.
They developed a basic product in the US and moved it to India under the Corsalite brand after getting positive reviews. In 2016, a beta product was launched.
"We have a 360 degree vision that we want to be a one-stop solution for B2B learning. We want to be in the SaaS company (software as a service) because that's where our experience is, "said Noheria.
He added that they also saw other opportunities for entry into content development. So they started building content under the brand name 3RDFlix, which was founded in March last year.
"Our sweet spots are classes from 9 to 12 while most companies serve elementary and middle classes," he said.
Companies are starting to build content with better visualization and in-depth coverage of all course material that can be used by students and teachers too.
"The idea is to capture 60 minutes of learning in class in this time. That's a pretty aggressive goal, "he said.
The company has customers in Delhi, Maharashtra and Andhra Pradesh. Its customers include Educational Institution Dr. KKR's Gowtham, a chain of 28 schools.
3RDFlix joins a group of ed-tech startups that have attracted investor interest lately. Last month, Vedantu Innovations Pvt. Ltd. raised $ 42 million (Rs 300 crore) in a Series C funding round led by US-based investment company Tiger Global and private equity firm WestBridge Capital.
In March, the valuation of the ed-tech company, Byju, exceeded $ 5 billion after raising $ 31.3 million in a funding round led by existing investors, General Atlantic and Tencent Holdings Ltd.