Banuba, a Hong Kong-based startup that develops technologies for augmented reality-enabled mobile applications, raised $5m in funding.
Backers included 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.
The company intends to use the funds to further develop its technologies.
Founded in 2016 by Vadim Nekhai, CEO, Banuba develops technologies for augmented reality-enabled mobile applications. Its core technologies are based on 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 platform has a variety of applications, including entertainment mobile applications, educational programs, and emotion tracking.
The company, which has a development subsidiary in Belarus and employs over 30 AI/AR engineers, has a number of pending US patents and plans to launch its first mobile app in the first quarter of 2017.