The first augmented reality (AR) business in Pakistan, InterApp, announced on Wednesday that it had raised $1.2 million in a pre-seed round of funding.
To “make AR an essential consumer tool and an opportunity for producers to sell their NFT (non-fungible token) on the InterApp marketplace that is now in beta phase,” according to a news release, a US-based finance firm funded the project.
According to the press announcement, InterApp transforms how users engage with print designs by enabling “live using AR in real time.” The statement also stated that designers need not have any coding skills to convert their designs into NFT and make them interactive.
The consumer industry’s digital and physical divide is something that InterApp claimed it aimed to close. It said that the money would be used to ramp up marketing efforts and capture 10% of the entire addressable market within a year.
“The value this project can bring to brands and consumers can be a game-changing improvement. This step marks it as a landmark in the venture capital landscape of the digital world.”
Ahmed Malik, Ali Ahmed, Jameel Qureshi, and William Class created the company, which has offices in Austin and Lahore.