Avataar Raises $ 45 Million to Improve Consumer Purchasing Experience with 3D Lifetime Product Evaluation - TechCrunch
Most e-commerce customers prefer to get a product preview before making a purchase. That’s why the likes of Amazon have historically struggled to move home fashion and decor online. A start - up company based in San Francisco and Bengaluru is trying to solve this problem and has just built a new funding round to increase its activity.
AI startup and computer visionary Avataar said Friday that they have raised $ 45 million in their Series B funding. The tour was led by Tiger Global, and featured traditional investor Sequoia Capital India. The six-year start-up business has raised approximately $ 55.5 million, including some funded by the founder and chief executive officer in the early years, across all funding rounds.
Avataar helps direct-to-consumer brands and e-commerce markets shape their customer journeys with a 3D product of products. Avataar plug-and-play technology companies can integrate into their systems, allowing customers to view results in real size and feeling in their living room using the phone camera.
The start-up business currently works with a number of companies, covering the two major e-commerce markets across furniture, appliances and other segments, Sravanth Aluru, founder and CEO of Avataar, said in an interview and TechCrunch. He declined to share client names, citing confidentiality agreements. (Some companies such as Samsung and Pepperfry have publicly acknowledged cooperating with Avataar.)
In a demo, Aluru dragged and dropped a number of products - courts and desks - to its living room from a partner e-commerce marketplace app and changed the color and SKUs without resetting the products meaningful in the house. The materials can also be interactive. A virtual version of a refrigerator allows users to open and close the door, for example.
Brands do not need to make any major changes to modify Avataar's contributions. As long as the output images are at least 1080p in resolution, Aluru said, Avataar can deliver both a realistic and 3D version. For consumers, too, if they are using an iPhone or Android smartphone that was launched a few years ago, there is a good chance that their phone has computing and graphics power to support it. ‘interacting and interacting with meaningful objects,’ he said.
"Because the home screen is the camera, you can see significantly higher communication times and brands are seeing over 3.5x sales turnaround," he said. The startup business distributes the contact information to the affiliate brands which then personalize what they offer to provide better customer service.
Aluru said a growing number of companies are starting to change technology as they recognize the potential benefits. This trend is expected to grow only from here.
Without revealing the brand names, he said that some smartphone companies have used Avataar technology to launch virtual shows. “Today we are integrated across most platforms. If you see 3D on a large service, it looks like it's driven by us, ”he said.
By 2025, nearly 75% of the world’s population and almost all users of social and communication apps will be frequent AR users, Snap said in a recent report, for which -work it with Deloitte. The report said more than 100 million customers already use AR.
Aluru said the startup company is preparing to be at the forefront as metaverse evolves and engages with several key players in space.
“The metaverse is already here, just not being fairly circulated. Avataar.me is at the forefront of bringing scale creation capabilities to the largest brands to enable commerce - an application with exceptional promise in AR / VR environments, "Shailesh Lakhani, managing director at Sequoia India, said in recitation.
“It was a pleasure to work with Srivanth, Gauav and Mayank and Sequoia Capital India are excited to reappear in their Series B tour.
The digital and digitally influential market is expected to grow to $ 18 trillion by 2025, offering a monetization opportunity of more than $ 50 billion over the next decade for the underlying platforms leading the transition 2D to 3D trading, according to industry estimates.
“For the first time in history, we can now discover, understand, extend and manipulate the physical reality of consumers using live camera feeds. While our patented AI / CV capabilities are relevant to the overall metaverse evolution, we have started with a prior focus on redefining consumer buying experiences, ”said Aluru.
“The platform will transform the consumer experience of buying at home on their mobile devices, through AR glasses / wearables, or even in a physical store exploring an endless passage of catalog with digital capability. ”
Evan Feinberg, a partner at Tiger Global, said in a statement: “Consumers continue to look for a better e-Commerce experience, and the innovative technology created by Avataar provides powerful plug and play solution for their customers to meet this demand. As the digital world moves from 2D to 3D, Avataar and its talented management team are well positioned in this fast - growing market. ”