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

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Most e-commerce customers like to preview the product before making a purchase. That’s why the likes of Amazon have historically struggled to move fashion and home decor items online. A San Francisco and Bengaluru-based startup is attempting to address this problem and has just raised a new funding round to grow its operations.

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AI and Computer Vision Startups incarnation said on Friday that it has raised $45 million in its Series B funding. The round was led by Tiger Global and participated by existing investor Sequoia Capital India. The six-year-old startup has raised about $55.5 million, some of it financed by the founder and chief executive in its early years, in all funding rounds.

Avatar helps direct-to-consumer brands and e-commerce marketplaces shape their consumer journey with 3D presentation of products. Companies can integrate Avatar’s plug-and-play technology into their systems, which then allows customers to visualize products in their real-life sizes and perception Using the phone’s camera in his living room.

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The startup currently works with a number of firms, including the top two e-commerce marketplaces in furniture, large appliances and other categories, said Shravan Aluru, founder and CEO of Avatar in an interview with Nerdshala. He declined to share the names of the customers, citing confidentiality agreements. (Some firms such as Samsung and Pepperfry have publicly accepted Collaboration with Avatar.)

In a demo, Aluru dragged and dropped multiple products — couches and desks — into her living room from partner e-commerce marketplace apps and changed colors and SKUs without replacing virtual items in the home. Items can also be interactive. For example, a virtual rendering of a refrigerator allows users to open and close the door.

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Brands don’t need to make any major changes to be able to customize Avatar’s offerings. As long as the product’s images are in at least 1080p resolution, Aluru said, Avatar can stitch a virtual and 3D version of it. He added that even for consumers, if they’re using an iPhone or Android smartphone that’s been launched in recent years, there’s a good chance that their phone supports viewing and interactive with virtual objects. Has computational and graphical power.

“Given that the camera is homescreen, you see significantly higher engagement times and brands are seeing over 3.5x more sales conversions,” he said. The startup delivers engagement information to partner brands, who further personalize their offerings to better serve customers.

Aluru said a rapidly growing number of companies are adopting the technology as they recognize the benefits it can provide. This trend It is only expected to grow from here.

Without disclosing the brand names, he said some smartphone firms have used Avatar’s technology to launch virtual ones. “We’re integrated into most platforms today. If you’re looking at 3D on service in a big way, it’s likely to be driven by us,” he said.

The founding team of Avatar. From left to right: Mayank Tiwari (CBO), Shravan Aluru (CEO), Prashant Aluru (Board Director), Gaurav Baid (CPO). (image credits: Avatar)

By 2025, nearly 75% of the global population and nearly everyone using social and communication apps will be frequent AR users, Snap said in a recent report, for which it collaborated with Deloitte. The report states that there are already over 100 million customers who make purchases using AR.

Aluru said the startup is gearing up to be at the forefront as the metaverse makes inroads and engages with several key players in the space.

“The Metaverse is already here, just not evenly distributed. Avataar.me is leading the way for the biggest brands to bring mass manufacturing capabilities to enable commerce – AR/VR environments in an application with tremendous promise,” Shailesh Lakhani, MD, Sequoia India, said in a statement.

“It has been a great pleasure working with Sarwant, Gaurav and Mayank and Sequoia Capital India is excited to reiterate its commitment in its Series B round.”

According to industry estimates, the digitally and digitally-influenced marketplace is projected to grow to $18 trillion by 2025, providing a monetization opportunity of over $50 billion for the underlying platforms driving the 2D to 3D commerce shift over the next decade. Is.

“For the first time in history, we are now able to detect, understand, enhance and manipulate the physical reality of consumers using live camera feeds. While our patented AI/CV capabilities are applicable to the overall Metaverse development, we have started with an advance focus on redefining consumers’ shopping experiences,” Aluru said.

“The platform will transform the consumer shopping experience at home into exploring an infinite aisle of digitally enabled catalogs on their mobile devices, via AR glasses/wearables, or even in a physical store.”

Evan Feinberg, Partner, Tiger Global, said in a statement: “Consumers continue to seek a better eCommerce experience, and the innovative technology created by Avatar provides its customers with a powerful plug and play solution to meet this demand. As the digital world shifts from 2D to 3D, Avatar and its talented management team are well positioned to be in this fast-growing market.”

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