Economy, Business And Markets

Iranian Tech Company in Switzerland

Iranian Tech Company  in SwitzerlandIranian Tech Company  in Switzerland

An Iranian technology company has  told Financial Tribune that it successfully won a place at Seed Stars World competition in Geneva, Switzerland on February 4 to highlight their augmented reality system.

The company, VDecoration, created and run by app developer Hossein Moazzen, enables people to use smart phones and tablets to see an augmented view of room in real-time with 3D projected objects placed within the confines of the screen. You can see and interact with the virtual objects too, which makes it an interesting application for an Iran-based company. The product is likely to have many buyers with companies like IKEA using the software to boost their online sales.

From a buyer’s point of view, the software would be useful in terms of users being able to use it when choosing their new household furniture. Prior to winning a coveted place at Seed Starters Worldwide in Switzerland, the team from VDecoration also managed to win some mentoring from Startup Istanbul in 2014 after they were selected for the prize.

It’s not known whether VDecoration hopes to win some in-Iran funding; however, when the Tribune contacted Avatech group they said they weren’t currently part of their mentorship program but they support them.

VDecoration won their place a Seed Starters after pitching against 17 other Iranian hopefuls, including Apper, a local app developing website, NikTraffic, an indigenous traffic reporting app, and Blocks, a modular smart watch concept.

Startup finalists will take part in a three-day bootcamp organized in partnership with EPFL, the leading European engineering school. International investors & mentors from top accelerators like BBooster, The Founder’s Institute, Chinaccelerator as well as from the business strategy consultancy Galixo will coach them on their business model. If the potential investors like the product, then it’s likely some of the potential businesses could get up to $500 thousand investment for an equity stake in their company.

The winner of the global startup competition will be announced during the Final Event, hosted on the first day of the Lift Conference, one of the top innovation and tech conferences in Europe. The Seedstars World winner will be chosen by a jury composed of top investors such as Johnny el Hachem, the CEO of Edmond de Rothschild Private Equity, Seedstars World’s investment partner, Jose Marin the founder of Serendipity Investments and Jessica Thorell of Investment AB Kinnevik; and top entrepreneurs such as, Jens Lapinski, the managing director of Techstars and Marco Corradino, the co-founder of Bravofly Group.

More than 1,000 entrepreneurs, venture capitalists, business angels, journalists and start-ups enthusiasts are expected to join for the final chapter of the SSW 2014 tour.