Belarus-founded/Gdansk-based Wizart has raised €1.1 million in a seed funding round. The startup offers a B2B2C solution for online DIY retailers and their customers through a computer vision/AR solution that reportedly increases sales of finishing materials, shortens the transaction cycle, and provides end-users a unique customer experience.
Fueled in great part by the ongoing global pandemic, I’m going to take a wild guess and venture that you, much like myself, have, or are at least considering a revamping of your surroundings. And you and I aren’t alone, as according to Research and Markets, “the global market for Interior Design Services estimated at$150.7 billion in the year 2020, is projected to reach a revised size of $255.4 billion by 2027, growing at a CAGR of 7.8%,” with, “Residential, one of the segments analyzed in the report, is projected to record an 8.1% CAGR and reach $157.1 billion.”
That’s a lotta cash being doled out for some home improvements. And there’s nothing in these figures that accounts for the headaches, worries, and quite frankly, potential stress the process can put on even the most rock-solid relationships. Trust me, I speak from experience.
Wizart, who currently provide over 1 million renders for some 100,000 unique users every month reports that 55% of its revenues are derived from the U.S. and Western Europe markets, 20% from Eastern Europe, with the remaining slice of the pie arriving from in South America, the Middle and Far East, Australia. In other words, Wizart is operational on every continent save for Antarctica.
Now Wizart isn’t alone in using AR to envisage what your space could look like, as the IKEA app comes immediately to mind, and one of the earliest AR pioneers, Austria’s Wikitude has been providing developers with an SDK to accomplish this goal almost since day one.
Where Wizart aims to make a difference is through its use of self-learning neural networks to continually improve its offer and through connections between suppliers and retailers, and partnerships with well-known wallpaper makers from around the world that include AS Creation, Marburg Tapeten, Brewster, York Wallcoverings, for example.
“We followed the project with great interest. The startup uses multi-level self-learning neural networks and augmented reality technologies to help digitize the market for finishing materials, which is especially important in connection with the straightening of the supply chain in remote trading. We hope that the funds we have invested in this project will allow it to seriously increase its presence in Europe and this will become a good basis for its further scaling,” commented the Untitled Ventures’ Oskar Stachowiak.