Avataar raises $45 million to improve consumer shopping experience with life-sized 3D product evaluation – TechCrunch

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The vast majority of e-commerce customers prefer to preview their products before making a purchase. That’s why people like Amazon have historically struggled to get fashion and upholstery online. San Francisco and Bangalore-based start-ups are trying to solve this problem and have launched a new funding round to expand their business.

AI and computer vision startups Avatar On Friday, he said he had raised $ 45 million in Series B funding. The round was led by Tiger Global and was attended by existing investor Sequoia Capital India. The 6-year-old startup raised about $ 55.5 million in all funding rounds, including those funded by the early founders and CEO.

Avataar supports direct-to-consumer brands and e-commerce marketplaces by shaping consumer journeys with 3D representations of products. Enterprises can integrate Avataar’s Plug and Play technology into their systems. This allows customers to visualize the product in actual size. felt In their living room using a phone camera.

In an interview with TechCrunch, Avataar founder and CEO Sravanth Aluru said the startup is currently working with a number of companies, including the top two e-commerce marketplaces in furniture, consumer electronics and other categories. He said he was doing it. He refused to share the client’s name because of a nondisclosure agreement. (Some companies such as Samsung and Pepperfry are publicly available Admitted Collaboration with Avataar. )

In the demo, Aluru drags and drops some products (sofas and desks) from the partner’s e-commerce marketplace app into the living room, changing colors and SKUs without rearranging virtual items in the house. did. Items can also be interactive. For example, a virtual representation of a refrigerator allows users to open and close doors.

The brand does not need to make major changes to adapt Avataar’s products. As long as the product image has a resolution of at least 1080p, Avataar can stitch the virtual and 3D versions from there, Aluru said. Consumers are also likely to have the computing and graphics capabilities to support the display and interactiveization of virtual objects when using the recently launched iPhone and Android smartphones, he said.

“If the camera is a home screen, the engagement time is significantly longer and the brand is witnessing more than 3.5 times the sales conversion,” he said. Startups relay engagement information to partner brands, who further personalize their offerings to better serve their customers.

Aluru said more and more companies are starting to adopt technology because they are aware of the benefits that technology can bring.this Trend It is expected to grow only from here.

Without revealing the brand name, he said, some smartphone companies are using Avataar’s technology to launch virtual launches. “Today we are integrated into most platforms. If you’re seeing 3D with a large amount of service, it’s probably backed by us,” he said.

The founding team of Avataar. From left to right: Mayank Tiwari (CBO), Sravanth Aluru (CEO), Prashanth Aluru (Board Director), Gaurav Baid (CPO). (Image credit: Avataar)

By 2025, nearly 75% of the world’s population, and almost everyone who uses social and communication apps, will be frequent AR users, Snap said in a recent report in collaboration with Deloitte. According to the report, more than 100 million customers are already shopping using AR.

Aluru said the startup is preparing to be at the forefront as the Metaverse invades and engages with some of the major players in the space.

“The Metaverse is already here and not evenly distributed. Avataar.me is leading the way in bringing scale creation capabilities to the largest brands and enabling commerce. This is an AR / VR environment. It’s a very promising application, “said Shailesh Lakhani, MD, Ph.D., in a statement from Sequoia India.

“Sravanth, Gaurav and Mayank are happy to work together. Sequoia Capital India is excited to reiterate its commitment in the Series B round.”

Industry estimates indicate that digital and digitally affected markets will grow to $ 18 trillion by 2025, making them the foundation platform for the commerce shift from 2D to 3D over the next decade. It offers over $ 50 billion in monetization opportunities.

“For the first time in history, live camera feeds can be used to detect, understand, enhance, and manipulate the physical reality of consumers. Patented AI / CV capabilities can be applied throughout the evolution of Metaverse. But we started by focusing ahead of time on redefining the consumer shopping experience, “Aluru said.

“This platform transforms the consumer shopping experience on mobile devices through AR glasses / wearables, or even in physical stores exploring the endless passages of digitally-enabled catalogs.”

Evan Feinberg, a partner at Tiger Global, said in a statement: As the digital world moves from 2D to 3D, Avataar and its talented management team are establishing themselves in this fast-growing market. “

Avataar raises $45 million to improve consumer shopping experience with life-sized 3D product evaluation – TechCrunch Source link Avataar raises $45 million to improve consumer shopping experience with life-sized 3D product evaluation – TechCrunch

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