- Augmented reality platform Camera IQ raised $5 million in Series A funding led by early-stage Silicon Valley investor Shasta Ventures.
- Camera IQ said augmented reality share rates on Instagram and Facebook increased 43% and 23% respectively during the second quarter.
- CEO Allison Ferenci says: “[COVID] definitely accelerated both brand adoption, as quite literally we’re living life through the lens of the camera, … and customer adoption.”
- We got an exclusive look at the pitch deck Camera IQ used to bring new investors on board.
- Visit Business Insider’s homepage for more stories.
Augmented reality (AR) platform Camera IQ has announced a $5 million Series A led by early-stage Silicon Valley investor Shasta Ventures. The round brings total funding raised to-date to more than $14 million.
Camera IQ’s platform allows businesses to create and manage AR campaigns on social media and streaming platforms such as Instagram, Snapchat, and Zoom. It works with around 30 customers across sectors such as music, gaming, and beauty to increase the reach of marketing campaigns and drive sales.
“[We created] what we think about as the first camera marketing platform. The ability for a brand to easily create manage and measure AR experiences across platforms,” says CEO Allison Ferenci. “What that means is the ability to drag and drop and create an AR experience in minutes.”
The global market for AR is currently valued at $1.54 billion and is anticipated to grow at a compound annual growth rate of 55% between 2020 and 2028.
The tailwinds from COVID-19 are accelerating the adoption of AR on social platforms, according to Ferenci.
“It’s definitely accelerated both brand adoption, as quite literally we’re living her life through the lens of the camera, … and customer adoption,” she says, adding that the number of AR experiences on Camera IQ with over one million views increased 70% between Q1 and Q2. “You can imagine for a vertical like beauty. AR went from the future of what beauty try on could look like to overnight the mission critical.”
More than 75% of Snapchat’s daily active users engage with AR content every day, according to parent company Snap Inc. In the second quarter of 2020, Camera IQ says that AR share rates on Instagram and Facebook have increased 43% and 23% respectively and that Snap Camera usage has increased 33x since the start of the year.
The money from the latest round will be used to expand Camera IQ’s sales and marketing team and to expand distribution to new platforms, such as starting to support e-commerce websites.
Ferenci says that Camera IQ plans a Series B round in around 18 to 24 months, and claimed profitability is “in line of sight.”
Here’s an exclusive look at the pitch deck it used to bring new investors on board: