ByondXR secures $7m seed funding to help brands create 3D virtual shopping environments
ByondXR, a firm bringing virtual shopping to life, has announced a $7m seed financing round led by Firstime and OurCrowd, with additional participation from angel investor Peter Chu, founder and former CEO of XR platform HTC. The funds raised will be used to expand customer success and continue research and development.
eCommerce has become an integral part of the retail industry, and has seen explosive growth in light of the Covid-19 pandemic. Worldwide retail eCommerce sales posted a 27.6% growth rate in 2020 alone with sales reaching well over $4tn, according to eMarketer.
Despite the significant growth, eCommerce still faces many challenges, such as attracting new customer segments, fostering customer loyalty and brand awareness, and converting shoppers into paying customers. ByondXR recognizes these pain points in the market and has created solutions to address them.
“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. “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 eCommerce industry, and their investment will enable us to expand our offering to continue helping retailers and consumers alike.”
The company works with major international brands, including Lancôme,Target, Coca-Cola, L’Oreal, P&G, and Caesarstone, among others.