upGrad Education which runs an ed-tech platform with its headquarters in Mumbai has raised funds amounting to $9.3 million from Unilazer Ventures.
7,00,00,000 equity shares of Rs.10 each have been allotted by the company to raise 70 crores ($9.3 million) according to the regulatory filings.
Unilazer Ventures is a private equity and venture capital firm based in Mumbai. It is run by Ronnie Screwvala, who is the co-founder and CEO of upGrad. It has also made investments in startups like Dogspot, Zivame, ShopClues, and Lenskart.
As per a statement released by upGrad, the firm has entered into a partnership with EyeWay Vision, an Israel-based firm. The partnership is with the objective of enhancing augmented reality(AR)- driven learning experiences.
EyeWay Vision was established in 2014 and it is focused on the development of wearable AR systems which according to the claims of the company provide an immersive experience. From a range of strategic investors, the company has raised funding of about $46 million. The strategic investors include companies like Samsung Next, Verizon Ventures, Horizons Ventures, ICONIQ Capital, and OurCrowd.
The partnership will open the doors to blend the best of the two firms together, thereby reaping remarkable results. The partnership will allow EyeWay Vision to acquaint upGrad learners with the immersive AR experience. The customized system of EyeWay will be leveraged by upGrad for exploring the development of learning experiences and online programmes enhanced by augmented reality. After further advancements, the partnership will also pave way for university partners to take part in a pilot programme.
According to co-founders, Ronnie Screwvala and Phalgun Kompalli,
“The partnership with EyeWay Vision is a path-breaking step wherein we look at developing an augmented three-dimensional interactive learning environment to keep our learners engaged. Not only would this move disrupt the edtech market at large but it would also contribute towards our vision of making world-class education mainstream.”
In collaboration with global universities, upGrad is offering over a hundred courses. Some of the universities that are part of the collaboration are Deakin Business School Australia, Duke CE (US), Michigan State University (US), Liverpool Business School (UK), IIT Madras, IIM Kozhikode (India).