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/.
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.
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SOURCE VP Capital