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On Tuesday, March 16, the world’s leading provider of mobile body measurement and fitting solutions based on artificial intelligence, disclosed that it has raised $6.5 million in a Series A financing led by Almaz Capital with participation from TMT Investments and Zubr Capital.
This investment brings the total funds raised by the company to date to $11.2 million, including nearly $8 million during the pandemic. The new funds will be used to expand 3DLOOK’s management team in the United States and to establish new R&D laboratories in the United States and Western Europe.
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The startup would like to become the industry standard in America for everything from non-contact measurements to clothing size recommendations.
“This year we are focusing on uniform production, the next step will be fashion retail, and from 2023 we will start expanding to all related industries and other regions,” said Vadim Rogovskiy, co-founder and CEO of 3DLOOK.
The company’s next goal is to create a product that will allow customers to virtually try on clothes in real time using augmented reality. A project that is currently in development.
Through the use of cameras, the Ukrainian start-up continues to create fast and engaging personalised shopping experiences for consumers, as well as providing advanced body data analytics to businesses.
For example, Tailored Brands and 1822 Denim are among the world’s leading fashion retailers that use 3DLOOK solutions to reduce garment returns and increase conversion.
“This successful fundraising will allow us to expand the use of our AI-driven technology to drive personalisation across a wide range of industries,” said Vadim Rogovskiy.
“While major fashion and uniform brands already rely on our solutions to meet their customers’ fit needs, our growth strategy calls for us to expand into other segments to enable bespoke personalisation of furniture and car seats, better health and fitness progress tracking in apps, personal avatar creation in video games and real-time virtual testing in AR.”
“We believe that COVID-19 was the most disruptive event in the last decade to impact retail and has accelerated the transition to online and made e-commerce a top priority for every brand striving to survive in the new digital reality,” said Pasha Bogdanov, General Partner, Almaz Capital.
“3DLOOK not only offers an innovative solution that helps online retailers reduce returns and ensure greater customer satisfaction, but also enables a unique personalized shopping experience. We are excited to help 3DLOOK grow and meet the increasing demand for its solutions.”
Indeed, since the start of the pandemic, 3DLOOK has experienced significant growth, with revenues increasing 5.6 times since April 2020.
As a reminder, 3DLOOK was the 2019 winner of the LVMH Innovation Award and the IEEE Retail Digital Transformation Grand Challenge. The strat-up was thus recognised as one of the pioneers of the new 2020 world. 3DLOOK’s patented technology determines the parameters of the human body from two photos using algorithms and three-dimensional statistical modelling. Customers can therefore choose the right size without having to try on or measure.
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3DLOOK’s customers include more than 100 brands worldwide, including 1822 Denim, Tailored Brands, and uniform giants Safariland and Fechheimer Bros.
The company had sales of $1 million in 2020. After the new investment round, Rogowski estimates the company at $50-70 million.
Read also > LVMH INNOVATION AWARD LAUNCHES CALL FOR ENTRIES FOR 2021
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