Located at the Dubai World Trade Centre, GITEX 2020 may be the only global tech conference since March that took place live and not as a virtual convention. More than 1,200 exhibitors from over 60 countries flocked to Dubai this week for the event. GITEX Future Stars is the biggest startup event for the Middle East, North Africa, and South Asia, and this year, the first Israeli PropTech (property technology) delegation took stage as a major presenter.
Israel’s CEO of the new InvestiNation VC Platform, Oded Eliashiv, was honored as a keynote speaker for the Israel Innovation Discovery Day and moderated a panel discussion at GITEX Future Stars on December 8, 2020. The panel, titled “How to increase collaboration between the UAE and Israel entrepreneurial ecosystems,” included Yaron Sorek, CEO of Electra Construction, Israel’s leading construction company.
The keynote and panel was followed by an Israeli Innovation Showcase never seen before in the UAE. The showcase featured a number of PropTech startups including Trusstor, a next-generation solution for construction management creating a safer and more productive working environment, and Augmind, a creator of 3D content for mobile, augmented reality, and virtual reality applications.
Augmented reality (AR) is a promising market that aims to radically expand the abilities of retailers over the course of the next decade. The global augmented reality market was worth $882 million in 2019 and is expected to grow at a compound annual growth rate of 55.8% over the next five years, according to Mordor Intelligence, which provides insights to clients such as Microsoft, 3M, Pfizer and Coca-Cola.
AUGMIND uses artificial intelligence to produce incredibly lifelike mixed reality (MR) content able to run on mobile devices, in a cost-effective manner. The company expects that by 2025, around 800 million smartphones will be equipped with AR-supported software, processors, GPUs, DSPs and neural chips able to power them.
“AUGMIND’s proprietary technology enables the creation of highly realistic 3D content that comes into play in Mixed Reality applications and runs smoothly on all mobile platforms,” said co-founder and CEO of AUGMIND Ran Kern. “This essentially allows us to provide new and unique selling methods, for example, we are bringing a whole new collection of a famous jewelry brand to the customer’s home to see, try on, and buy, without having to go into the store to try it on.”
The startup uses AI systems to reduce the time it takes for content creation, without compromising the quality of the MR content, which in turn cuts costs and reduces the amount of time spent on producing projects from weeks to days. Manufacturing is expected to be a key industry vertical for augmented reality retailers.
With its unique algorithms, AUGMIND holds the ability to produce this high-quality MR content with zero latency, meaning there is no delay in the image being perceived on the screen from when it changed in the real world.
“In [some] cases, we help real estate developers with marketing and selling offices and apartments, set to be completed years down the road, by sending a complete model to the customer’s home to see, interact with, walk through and even design the interior themselves, all from their mobile device,” said Kern. “The current state of the world, where in many cases people are reluctant to physically travel to the stores, has indeed opened new doors of opportunity for AUGMIND, that can potentially amount to large-scale and profitable projects with long-lasting maintenance and support programs.”
AUGMIND, which is currently in the seed investment round phase of funding, recently received backing from the Israeli American Besadno Investment Group and its high-tech investment arm BSEED.
Besadno launched its new online investment platform, InvestiNation, on November 10, which connects early-stage tech startups with certified investors actively looking to partner with Israeli companies who are still on the ground floor of development. “Augmind is truly revolutionary and a pioneer in the augmented reality tech arena,” commented Eliashiv.
Tel Aviv-based AUGMIND is just one of the startups listed on the InvestiNation platform, alongside some of Israel’s most attractive up-and-coming startups, with many falling into specializations within the most vital tech sectors from artificial intelligence to financial security technology to biotech and more.
To join Investination’s free platform: www.investination.com