Virtual shopping startup ByondXR announced on Wednesday a $7 million seed financing round led by Firstime and OurCrowd, with additional participation from angel investor Peter Chu, founder and former CEO of leading XR platform HTC. The funds raised will be used to expand customer success and continue research and development.
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Currently operating in the fashion, beauty, and home decor industries, ByondXR has developed a web-based extended reality (XR) platform for brand websites that produces virtual environments mimicking actual stores, showrooms, and homes.
The result is a 3D simulation in which online shoppers can browse from any device. Shoppers can try the products in their home environment using augmented reality (AR).
"eCommerce has been on the rise for years but still lacks a truly engaging shopping experience to replace the standard 2D scrolling system - until now. Because of the lack of in-store visits, brands have lost touch with their customers which have been increasingly transitioning to online shopping, and this is precisely what ByondXR is looking to remedy," said Noam Levavi, CEO and co-founder of ByondXR. "We are delighted to be partnering with investors who see the value we bring to the eCommerce industry, and their investment will enable us to expand our offering to continue helping retailers and consumers alike."
ByondXR works with major international brands, including Lancôme,Target, Coca-Cola, L'Oreal, P&G, and Caesarstone.
