ImagineX enters Upward accelerator, raises US$300,000

Contxto – Upward hosts an accelerator program to promote agetechs and proptechs that are innovating our way of living and working, particularly for aging populations. And for its 2020 cohort, one startup stood out among the nine selected enterprises.

Colombian ImagineX was the first Latam company to be selected and in the process, it’s raised a seed investment for US$300,000. It will begin its six-month acceleration next September. 

And as an added bonus, the startup will launch operations in the US. For that, Mario Varón, Founder and CEO at ImagineX told Contxto it already has partnerships lined up with a series of Fortune 500 companies.

Upward ponders the new normal

For its latest cohort, Upward was on the lookout for companies addressing the challenges Covid-19 brought on. Considering ImagineX’s work with virtual reality (VR) and augmented reality (AR) tech to sideline physical limitations, it makes sense. 

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“The upcoming fall and winter seasons will be a pivotal time for agetech and proptech innovators to rise to the unique challenges faced by the healthcare and real estate industries,” said Shana Schlossberg, Founder and CEO at Upward.

For the elderly, and people working with them or in the real estate industry, the new normal is creating unprecedented scenarios. Luckily, startups are always up for a challenge.

ImagineX reimagines reality

From its offices in Bogotá, ImagineX is helping companies increase their sales through VR, AR, and mixed tech. In the realm of real estate, that means virtual tours that provide an immersive experience that nice pictures can’t offer.

Interestingly, it operates as a SaaS (software as a service) business.

“Customers only pay when they’re benefited by our technology,” said Varón, in written correspondence with Contxto.

“We began operations in 2018. That year we billed US$3,000. This year we hope to invoice US$300,000,” added the Executive.

Covid-19 has unearthed the need for innovative technology that breaks our physical limitations to carry on. 

Virtual reality and augmented reality fit the bill.

Related articles: Tech and startups from Colombia!

-ML