LIMASSOL, Cyprus, Feb. 22, 2017 /PRNewswire/ -- Larnabel
Ventures, a fund founded by the Gutseriev family to invest in the
information technology sector, and VP Capital, a technology-focused
investment vehicle founded by Viktor Prokopenya, today announced
that they have made a $5 million
investment in Banuba, a startup that develops technologies for
augmented reality-enabled mobile applications.
Banuba's core technologies are based on modern machine learning
algorithms including neural networks that can detect and identify
objects, facial expressions, and gestures in real time, and then
modify and augment those features using filters and video effects.
The technology has a variety of applications, including
entertainment mobile applications, educational programs, and
emotion tracking. Banuba expects to provide non-exclusive access to
its technologies to third parties, and plans to launch its first
mobile application in the first quarter of 2017.
Said Gutseriev, Managing Partner of Larnabel Ventures, said,
"Augmented reality is an important growth area in mobile
technology, and Banuba is set to become a key innovator in the
sector. We are pleased to support the company in its ambitions to
become a driving force in this field."
Mr. Prokopenya said, "Banuba is at the cutting edge of
artificial intelligence and augmented reality technologies. Over
the past year, it has been able to develop innovative,
fast-learning algorithms for mobile devices that are often
constrained by relatively limited hardware, and it is in an
excellent position to capitalize on the significant shifts underway
in both mobile hardware technology and the new augmented reality
medium. Hardware developers are evolving their devices to support
increasingly popular augmented reality programs, and as phones'
computing strength and camera capabilities continue to advance,
Banuba will be able to create even more innovative and powerful
experiences for consumers."
Vadim Nekhai, CEO of Banuba
Development, said, "As a young company with great ambitions, we are
thrilled to receive backing from Larnabel Ventures and VP Capital.
Their confidence and support will help us further develop our
technologies and take augmented reality to the next level."
About Larnabel Ventures
Larnabel Ventures was founded
by the Gutseriev family to invest in the information technology
sector.
About VP Capital
Founded by Viktor Prokopenya, VP
Capital is a global investment vehicle focused on the technology
sector. For more information, please visit
https://vpcapital.com/.
About Banuba
Founded in 2016, Banuba develops
technologies for augmented reality-enabled mobile applications. The
company is based in Hong Kong and
has a development subsidiary in Belarus, and employs over 30 AI/AR engineers.
Banuba has a number of pending US patents and plans to launch its
first mobile application in the first quarter of 2017.
For more information, please contact:
media@vpcapital.com.
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SOURCE VP Capital