Bulgarian deeptech QuarkXR raises €725k

The Sofia-based startup QuarkXR, that develops hardware-agnostic software solution for cloud XR applications, plans to raise €1.5 million and has already received €725,000 from Vitosha Venture Partners and unnamed backers, Tech.eu reports. 

• Founded in 2016 by Georgi Georgiev and Krasimir Nikolov QuarkXR develops the XR (AR/VR) cloud platform for 5G and edge computing to render high-fidelity graphics and 3D modelling. The startup’s ultra-fast software solution provides low-latency compression and wireless transmission. 
• The startup was recently accepted into the Bosch Startup Harbour ecosystem by NVIDIA. Among its partners are Oculus, Orange Silicon Valley, Dell. Since its launching, QuarkXR has signed up clients such as Deutsche Telekom, Telnet.
• QuarkXR has launched an angel funding campaign on the SeedBlink angel network to reach €875,000. 
• The initial €725,000 investment was led by Sofia-based sector agnostiс VC fund Vitosha Venture Partners that invests in early-stage and growth-stage companies that are based in or related to Bulgaria. Previously, AIN.Capital recognized Vitosha Venture Partners as one of the most active Bulgarian VC funds. We ranked it 4th with 6 investments made in H1 2022. Vitosha Venture Partners led two rounds in November itself —  for online marketplace Swipe.bg and HRtech startup Re:benefit.
• QuarkXR will use the fresh round of investment for the development of enterprise AR and VR software.