August 12, 2021 – ByondXR, a provider of an immersive e-commerce platform for virtual shopping, has this week announced a USD $7 million seed financing round led by Firstime and OurCrowd, with additional participation from angel investor Peter Chu. The company stated that the funds raised will be used to expand customer success and continue research and development.
“We are thrilled to be working with ByondXR, assisting the team in creating an invigorating online shopping experience and helping brands re-engage with their customers following a year of virtually no in-store interaction,” said Jonathan Benartzi, Founder and Managing Partner at Firstime VC. “We see tremendous potential in ByondXR capable of transforming the entire e-commerce industry as we know it, and are excited to be a part of their journey in ushering in the next generation of retail.”
ByondXR noted that it has recognized certain pain points in the e-commerce market, such as attracting new customer segments, fostering customer loyalty and brand awareness, and converting shoppers into paying customers. As a result, the company has been working to create solutions to address these issues.
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 using photorealism, comprehensive cloud engines, and web tool sets. The result is a 3D simulation in which online shoppers can browse from any device in a realistic and interactive manner that contrasts with current 2D scrolling methods.
In addition, ByondXR’s platform allows shoppers to try products in their home environments using augmented reality (AR) and gives them the ability to instantly mix and match interior design combinations by testing out options in a customizable virtual environment – something that enables retailers to sell products that could otherwise be difficult to sell online, such as tiles, countertops, and furniture. The platform, which uses a proprietary real-time visualization engine and cloud-based rendering and optimization algorithm, also provides retailers with insights on customer behavior using advanced analytics.
“e-commerce 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. “Virtual experience technology bridges the gap between brands and customers, bringing online shopping to life while creating a personalized and memorable interactive experience for users, which we believe is critical in helping brands connect with their customer-base, increase loyalty, and engage younger audiences. We are delighted to be partnering with investors who see the value we bring to the e-commerce industry, and their investment will enable us to expand our offering to continue helping retailers and consumers alike.”
For more information ByondXR and its XR e-commerce platform, please visit the company’s website.
Image credit: ByondXR
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.