Ukrainian startup 3DLook raises 5.5 million euros
3DLook, a company from Ukraine that offers mobile body measuring and fit solutions, has announced a Series A round of funding that’s worth 6.5 million dollars (5.5 million euros). With this money, 3DLook wants to expand its US team and establish new research & development labs in Western Europe.
The fresh funding, led by Almaz Capital with participation from TMT Investments and Zubr Capital, brings the total fundraising to over 9 million euros. With its mobile camera-based solutions, the tech company from Ukraine provides personalized fit and size recommendations for online shoppers. It used computer vision and 3D statistical modeling to measure the human body using just two phots.
The company can measure the human body using just two photos.
‘Returns reduced by 30 percent’
According to the company, its solutions help online retailers and fashion brands reduce their returns by 30 percent, while increasing conversation rates fourfold. 3DLook says its own revenue grew 5.6 times since April of last year.
Now it wants to use the money to expand its US leadership team and build new research & development labs in the US and Western Europe. “This successful fundraising round will allow us to expand the use of our AI-first technology to drive personalization across a wide range of industries”, co-founder and CEO Vadim Rogovskiy commented.
3DLook’s revenue grew 5.6 times since April 2020.
Extending into other segments than fashion
He also says that part of 3DLook’s growth strategy is to extend into other segments. “For example, to enable personalized, made-to-measure furniture and car seats; better tracking of health and fitness progress in apps; the creation of personal avatars in video games; and real-time virtual try-ons in AR.”