When buying online, you do not have the opportunity to take the product and look at it, but endless is working to change the way products are visualized online so they feel more real.
The French-headquartered company has developed a SaaS-based visual e-merchandising platform with tools for creating 3D images for e-commerce. Based on nfinite’s results over the past year, this area is ripe for both e-commerce and venture capital investors.
And here’s why: The company’s annual recurring revenue has grown 10-fold over the past year and has been adopted by three of the world’s top five retailers, Alexandre de Wigan, founder and CEO of nfinite, told TechCrunch. And on Tuesday, the company announced a $100 million Series B funding soon to follow. In February, the Series A round was announced with a prize pool of $15 million..
The new round was led by Insight Partners and includes participation from existing investor US Venture Partners and provides nfinite with a total of $130 million in venture capital funding since the company was founded in 2017.
At that time, de Wigan and his team founded a company to provide the best online visual experience for real estate by creating computer-generated images to sell apartments. A year later, they realized there was a bigger market for e-commerce and shifted their focus to increasing traffic and sales. Thus, instead of showing off the apartment, its images were used for pieces of furniture. Over the next few years, nfinite has scaled its platform across industries and officially launched the current version in 2021.
De Wigan explained that with e-commerce is predicted to grow by 50% To achieve $7.4 trillion in sales over the next four years, the only common ground is product visualization.
“Consumers want more and more, but ecommerce customers are struggling with outdated static photos,” he added. “We decided to create a SaaS e-merchandising platform to create unlimited desktop visuals for you to showcase your products. Our mission is to help shoppers better understand the product and shop online with more confidence.”
He went on to say that the photograph is “frozen in time” and cannot be updated or adjusted, but with the help of computer generated images, it can be converted to 3D so that it can be a living visual image. both customizable and updatable.
For example, you can take a sofa, display it in the living room, and then change the background to suit the season or orient it to trends. The impact is that better images allow more product metrics to be used, which means more conversions and lower margins, as well as saving money for customers. De Wigan estimates double-digit average savings and performance improvements for its e-commerce customers.
In addition, nfinite also provides visual assets that are compatible with Web2 and Web3 applications so that as the future potential of the metaverse is realized, e-commerce customers will already have this capability.
Now that the company has laid the groundwork for automating 3D images at scale, de Wigan intends to direct new funding to scale nfinite’s sales and marketing teams. The company started in Europe, half of its research and development and sales market is in France, and now its customer service operations are in the US. The company had no customers in the US in 2021 and the region now accounts for 80% of the company. income and 40% of logos.
The company’s workforce grew from 40 to 100 a year ago, and de Wigan plans to hire 250 employees over the next 12 months. It also provides hundreds of thousands of images that will run into the millions in the next few years.
“Electronic merchandising is the next revolution in e-commerce for us and so the next step is to scale in this category in the US, Europe and Asia so that we become the standard,” he added.
Meanwhile, other companies have also found some venture capital love for their merchandising approaches. For example, Lucky raises $3 million for its plug-in-play API for Shopify companies based in Singapore Trax Raises $640M in Series E Funding for its store shelf management technology.
As part of the investment, Rebecca Liu-Doyle, managing director of Insight Partners, joined the perpetual board of directors.
“nfinite is redefining the e-merchandising space with a platform that enables the production of high-quality visual content at scale, and the biggest and most innovative online retailers are already taking notice,” she said in a statement. “The company has incredible growth potential and we are thrilled to partner with Alex and the nfinite team to help them realize it.”
Credit: techcrunch.com /