AI-powered interactive content startup Flam has raised $40 million, or around ₹383 crore, in its Series B funding round led by QED Investors. 

The round combines primary and secondary transactions and will help the company expand its product portfolio, strengthen AI research and accelerate its enterprise business across global markets.

The funding round also saw participation from Shah Rukh Khan’s family office, Claypond Capital, Australian Gulf Capital and angel investors including Martin Chavez and Olivier Pomel. Existing investors RTP Global and Dovetail also increased their investments in the startup.

Founded in 2021 by Shourya Agarwal, Malhar Patil and Amit Gaiki, Flam initially focused on mixed reality content for brands. The company has since evolved into an AI-powered interactive content platform that helps enterprises create immersive experiences for marketing, product visualisation, entertainment and customer engagement.

Flam has developed its technology stack in-house, including its AI models and products. Its offerings include Flicks, which allows users to interact with videos and change elements during playback, Airboards, which brings 3D content to camera interfaces with touch, voice and haptic interactions, and Visual Agents, which use AI-powered characters to interact with users and perform actions.

The startup currently claims to serve around 100 customers, including Google, Reliance and Hyundai, and holds more than 15 patents. More than 50% of its business now comes from outside India, with the US and Japan emerging as key international markets.

Flam plans to use the fresh capital to increase research and development spending on AI models, expand its product suite and introduce new formats for interactive content. It will also invest in growing its enterprise sales operations across existing and new markets.

The latest round comes nearly a year after Flam raised $14 million in Series A funding led by RTP Global. With the latest capital, the company is targeting $100 million in annual recurring revenue by next year as demand for augmented reality, extended reality and interactive digital experiences grows among enterprises and consumer brands.

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