3DLOOK raises $6.5M. Among its customers is Warren Buffett’s company
3DLOOK, a Ukrainian company that works on body scanning technology, has raised a $6.5 million Series A round. The news was reported to AIN.UA by representatives of the company.
Who are the investors
The company’s investors are Almaz Capital Venture Fund, TMT Investments, and Zubr Capital. The capitalization of 3DLOOK is not disclosed. The co-founder and CEO of the company, Vadim Rogovskiy, told AIN.UA that it has grown 2.5-3 times since the previous round in July 2020.
The company has raised a total of $11.2 million to date, $7.9 million of which was raised during the COVID-19 pandemic. The company’s investors include Boost VC, 500 Startups, ICU Ventures, and U Ventures (part of Horizon Capital).
How the quarantine affected the process
According to Rogovskiy, all communication was online during the lockdown, and therefore the work was more efficient.
“We managed to communicate with more investors because we didn’t have to spend time flying and scheduling face-to-face meetings. We were able to attend important negotiations at any time and from anywhere: for example, I participated in online meetings from a ski resort or during the holidays.
Thanks to that, we closed the round in just five months, which is fast enough for a Series A round. In three months, we chose and signed the best deal out of several options, and in another two months, we negotiated all the details of the deal,” says the company’s CEO.
Use of funds raised
The funds will be used to expand the top management team in the US, as well as for opening new R&D centers in the US and Western Europe. Also, the money will be spent to develop a new product that will allow customers to virtually try on clothes using AR.
Company performance indicators
The company is working on body scanning technology that allows capturing human body measurements with just two casual photos using computer vision and three-dimensional statistical modeling. Such technology can be used, for example, to help a customer choose the right size of clothes.
Among the company’s clients are about 100 brands worldwide, including Dickies (a subsidiary of VF Corporation), Tailored Brands (a major US retailer from the Fortune 1000 list), and major players in the uniform market – 1822 Denim, RedThread, Safariland, and Fechheimer Bros (Warren Buffett’s company).
Since April 2020, the company’s ARR has grown 5.6 times larger and has now exceeded $1 million. Customers were able to reduce returns on items by 30%, and conversions have increased fourfold year-on-year.
The company plans to work not only with clothing manufacturers but also to enter other markets. For example, it wants to make solutions for the furniture industry, custom-made car seats, health monitoring, video games.