Company:Convrse
Founders:Vikrant Singh, Anshul Padyal,Vishesh Khatri
Participation:Seed
Co-Investors:Hashed, Polygon Ventures, GrowX
Launch Date: May 2020
What is Convrse?
Converse.ai is a no code platform that enables 3D designers to build and sell spatial designs in the metaverse. They are leveraging generative AI to enable the next generation of 3D Creators to Build the "Metaverse". They are working towards helping 3D artists - 3D designers and 3D developers to lead the creator economy of tomorrow by creating the world’s largest asset library in spatial design. This library will become their go-to source to create, buy and sell real-time 3D environments for virtual experiences when the demand skyrockets.
Market Opportunity
As the internet evolves, the next iteration will be delivered through the decentralized web. This transformative shift opens up new possibilities for immersive digital experiences, including 3D environments. Convrse recognizes the tremendous market opportunity in this space, with over a billion 3D experiences expected to be built in the coming decade. By providing a web3 marketplace for web-ready 3D environments, Convrse aims to tap into the growing demand for decentralized and interactive digital experiences.
Why we invested?
One of the World's largest banks, Citi said in one of its reports that the metaverse economy could be an $8 trillion to $13 trillion total addressable market by 2030. The bank's definition of the metaverse goes beyond sticking to virtual worlds, like gaming and applications in virtual reality. Facebook has invested $10B+ last year, hoping to take metaverse to a BILLION people. 27 million attended the Travis Scott metaverse concert. The Metaverse is definitely coming.
The foundational elements to build the metaverse include:
Convrse is well-positioned to tap the Next Gen 3D Creation tools sector. 3D content has two main building blocks : 3D Models and 3D Spaces. While there are a few workflows available for 3D assets creation, there are hardly any for 3D spatial design. And that is what they are building. Metaverse will need experiences like virtual amusement parks, virtual movie theatres, virtual concerts, virtual casinos, virtual schools, virtual conferences, anything you can name it.
The company has demonstrated significant traction and growth in recent months, attracting commitments from reputable web3 investors and establishing partnerships with leading brands, institutes, and metaverse platforms. With a team of experienced founders and a deep understanding of the 3D and VR space, Convrse is well-equipped to capitalize on the growing demand for immersive digital experiences in the web3 ecosystem.
Furthermore, Convrse's roadmap outlines a clear path for expansion, including integrations with game engines and metaverse platforms, the development of a generative AI-based creation tool, and partnerships with key stakeholders in the web3 space. These strategic initiatives position Convrse for continued growth and market leadership. Overall, we believe that Convrse has the potential to revolutionize the way 3D environments are created, distributed, and consumed.
The foundational elements to build the metaverse include:
- Decentralized Platforms
- Next Gen 3D Creation Touls
- NFT Economy
- Developer Tools for Web 3.0
- 5G CPUs / VR Headsets
- Evolution of Gaming and Social Media Platforms
Convrse is well-positioned to tap the Next Gen 3D Creation tools sector. 3D content has two main building blocks : 3D Models and 3D Spaces. While there are a few workflows available for 3D assets creation, there are hardly any for 3D spatial design. And that is what they are building. Metaverse will need experiences like virtual amusement parks, virtual movie theatres, virtual concerts, virtual casinos, virtual schools, virtual conferences, anything you can name it.
The company has demonstrated significant traction and growth in recent months, attracting commitments from reputable web3 investors and establishing partnerships with leading brands, institutes, and metaverse platforms. With a team of experienced founders and a deep understanding of the 3D and VR space, Convrse is well-equipped to capitalize on the growing demand for immersive digital experiences in the web3 ecosystem.
Furthermore, Convrse's roadmap outlines a clear path for expansion, including integrations with game engines and metaverse platforms, the development of a generative AI-based creation tool, and partnerships with key stakeholders in the web3 space. These strategic initiatives position Convrse for continued growth and market leadership. Overall, we believe that Convrse has the potential to revolutionize the way 3D environments are created, distributed, and consumed.
Team and Founders
Convrse boasts a talented and experienced team with a deep understanding of the web3 space:
Vikrant Singh (Co-founder & CEO): An accomplished leader with previous experience as the Head of Business at Carpm and an alumnus of IIT G-16.
Anshul Padyal (Co-founder & CTO): A seasoned technologist and blockchain expert, formerly leading blockchain development at Kubitex and an alumnus of IIT G-16.
Vishesh Khatri (Co-founder & CBO): A strategic business professional with a background in the travel industry, having served as the Head of International Flights at Makemytrip and an alumnus of IIT G-15.
The founders' collective experience of four years in the 3D and VR space, coupled with their successful track record of delivering projects to enterprises, positions them well to lead Convrse's growth.
Vikrant Singh (Co-founder & CEO): An accomplished leader with previous experience as the Head of Business at Carpm and an alumnus of IIT G-16.
Anshul Padyal (Co-founder & CTO): A seasoned technologist and blockchain expert, formerly leading blockchain development at Kubitex and an alumnus of IIT G-16.
Vishesh Khatri (Co-founder & CBO): A strategic business professional with a background in the travel industry, having served as the Head of International Flights at Makemytrip and an alumnus of IIT G-15.
The founders' collective experience of four years in the 3D and VR space, coupled with their successful track record of delivering projects to enterprises, positions them well to lead Convrse's growth.
Investors
Convrse has onboarded some of the best investors in the space including Hashed, Polygon Ventures, GrowX, and more.
Achievements so far
- 1100+ creators from 12 countries are already using Convrse.ai products
- 1800+ interactive spatial designs have been built on Convrse.ai products to date
- Convrse's expertise in the web3 space is evident through their notable collaboration with Adani Realty to create Adaniverse, an immersive metaverse experience exclusively for Ten BKC project customers.
- Successfully launched a 3D Marketplace at https://marketplace.convrse.ai/.
- Expanded in-house 3D content library to encompass a staggering 60 million square feet.
- Established strategic partnerships with Polygon, Near, and Tezos India to supply 3D spaces in their ecosystems.
- Closed a $150k VR project with CREDAI following a single event.
- Secured a contract with a leading tech consultancy for a $50k metaverse-based employee onboarding solution.
Challenges in the current market
- Limited Standardization:
The current market lacks standardized formats, protocols, and interoperability standards for 3D environments. This fragmentation can create compatibility issues and inefficiencies in the development and distribution of assets. Establishing industry-wide standards and promoting interoperability across platforms will be crucial for the widespread adoption and seamless integration of 3D environments.
- Scalability and File Sizes:
3D environments can be data-intensive and require significant storage and bandwidth resources. As the demand for immersive experiences grows, scalability becomes a crucial challenge. Optimizing file sizes and developing efficient compression algorithms, like Convrse's proprietary optimization algorithm, will be essential to facilitate seamless distribution and delivery of 3D environments.
- Lack of accessibility:
One of the challenges in the current market is the lack of accessibility and awareness among Web2 companies regarding how to create metaverses and offer services to their customers. Many traditional companies may face difficulties in understanding and implementing the necessary technologies, such as 3D design, virtual reality (VR), and blockchain, needed to build immersive metaverse experiences.
Products Offerings
- 3D Environments Marketplace:
Convrse has developed a decentralized marketplace where 3D designers can sell their web-ready 3D environments, and game developers or metaverse creators can purchase and integrate these environments into their projects. The marketplace acts as a hub for sourcing a diverse range of virtual environments, such as forests, cities, and landscapes, which can be used as the foundation for building interactive experiences.
- Proprietary Optimization Algorithm:
Convrse has pioneered a proprietary optimization algorithm that compresses 3D content to up to 90% of its original size. This algorithm enables efficient storage, faster loading times, and reduced bandwidth requirements, making the 3D environments lightweight and web-ready. This optimization technology contributes to cost savings for developers and enhances the overall accessibility and usability of the 3D environments.
- Generative AI Tool:
Convrse has plans to develop a generative AI tool for 3D content creation. Similar to OpenAI's DALL-E for images, this AI tool will leverage the global library of 3D environments to generate new 3D spaces based on text prompts. The generative AI tool aims to streamline the process of creating immersive environments from scratch, providing users with a consumer-grade metaverse creation tool.
- Metaverse as a service:
Convrse also aims at assisting Web2 companies in seamlessly incorporating immersive metaverse experiences into their existing business models. By providing consultation, resources, and technical support, Convrse enables Web2 companies to leverage their expertise in the web3 ecosystem, 3D design, virtual reality, and blockchain technologies to create engaging metaverse experiences tailored to their unique offerings. Through these services, Convrse empowers Web2 companies to embrace the metaverse and unlock new opportunities for enhanced customer engagement and growth in the evolving digital landscape.
Conclusion
By combining the marketplace, optimization algorithm, and future generative AI tool, Convrse aims to provide a comprehensive ecosystem for designers, developers, and creators to access, optimize, and generate high-quality 3D environments for their respective projects in the web3 space.