Grodno-founded and Gdansk-based startup Wizart has raised €1.1 million in a seed funding round. It is a product company providing computer vision solutions for interior design, Tech.eu reports.
- Founded in 2018, Wizart develops a B2B2C platform for online DIY retailers and their customers based on computer vision/AR solutions. It helps users choose and visualize finishing materials and the company to shorten the transaction cycle and increase sales.
- Wizart’s €1.1 million funding was led by the Untitled Ventures, a venture capital fund financing early-stage companies. Fores Ventures, Advance Capital, Joint Journey Ventures, and Smart Partnership Capital also participated.
- Currently, the company provides over 1 million renders for some 100,000 users every month. The main sources of revenues are the US and Western Europe markets — about 55%; Eastern Europe — 20%, with the rest coming from South America, the Middle and the Far East, and Australia.
- Wizart isn’t alone in using AR. IKEA app, a pioneer in the market, and Austria’s Wikitude provide competition for the company. Thus, the company is taking a new approach — employing self-learning neural networks to continually improve its offer.
- The fresh funds are meant to strengthen Wizart’s position in the growing market and increase its presence in Europe.
