A business that uses highly sophisticated IT technology to produce a range of innovative 3D software solutions has been successful in securing funding that will help it to achieve rapid growth.
Luton based AiSolve applies expertise in 3D visualisation and virtual reality to create products that are proving desirable in many environments, including theme parks, shopping malls, retail, architecture and interior design, and education.
Co-founder and Chief Technical Officer, Prajay Kamat, started the company while studying for a master’s degree in computer animation and later shifted his focus fully from academia to business so that he could put his research to use. This background has ensured that AiSolve has undertaken extensive research and development, investing a great deal into cultivating its cutting edge product range, which was launched last year.
In 2014 AiSolve successfully delivered a major project developing and installing a network of interactive attractions into a large indoor entertainment centre within Yas Mall, which is a leading shopping destination in Abu Dhabi. This, along with recently exhibiting at the top international trade shows within leisure, entertainment and retail markets (IAAPA in Orlando and MAPIC in Cannes), has resulted in a great deal of interest, which the company is now looking to capitalise upon.
AiSolve has turned to the East of England Regional Growth Loan Scheme, which is managed by Finance East, to help finance the expansion activity needed to fulfil this demand. A £100,000 loan will support cash flow and assist with expansion of the developer team, development of pilot programmes for potential clients and further marketing activity.
Devi Kolli, AiSolve Chief Executive Officer, says: “The attention that our software has attracted over the last six to 12 months presents us with considerable opportunities to scale the business, but to do this we need to have the necessary staff in place. This loan will allow us to retain a quality team so that we can deliver high value pipeline contracts.”
The East of England Regional Growth Loan Scheme, which is funded by UK Government, provides up to £200,000 of loan funding to established businesses based in the region that show strong growth potential and are seeking funding to deliver that growth. AiSolve is looking to use its funding to contribute to its growth plans of more than doubling its workforce by the end of 2017.
Finance East Fund Manager, Stuart Ager, comments: “AiSolve has established itself in a leading position in this niche sector. They have a strong creative and technical team, headed up by Prajay whose knowledge and expertise has won industry recognition. With significant market potential and a strong pipeline, the company is well-positioned for growth and we look forward to working with them to achieve this.”
AiSolve offers a suite of products and services which can be applied across a range of sectors and settings. They include: G.A.M.i.E – (Games, Animations, Movies, Interactive and Entertainment) is AiSolve’s proprietary modular virtual reality development platform that enables to create virtual reality based immersive and interactive gaming with real-time movie experience. Interactive Environs: a recognition driven virtual reality platform that enables to connect virtual world with real world to create interactive digital experiences, which can be presented on mobile devices or in customised kiosks and can cater to retailers, advertising/brand agencies, shopping malls, museums and science centres. Envision: a real-time visualization engine with advanced photo realism, which instantly connects and engages the end user, enabling them to experience e.g. their new home in 3D, allowing them to virtually walk through the environment, even making changes, such as wall colour, along the way. Serious Games: the ‘gamification’ of education and training content into simple and engaging interactive experiences. As well as schools, colleges and universities, it can also be used for: advanced surgical and clinical training for the health sector; engineering and maintenance training for aerospace, defence and automobile sectors; combat engineering and weaponry skills training for the military.