London Dynamics has secured £1m seed funding for its augmented reality (AR) and 3D modeling software for e-commerce businesses.
Retailers can use the software to embed 3D models of their products that can change based on user preferences, such as changing the color of a bicycle.
Additionally, customers can place the advertised products in an AR digital environment to better understand what the product will look like at home before purchasing it.
Michael Valdsgaard, CEO of London Dynamics, said, “We understand current economic conditions and have built a business that is focused on sustainable growth, unlike many other startup software providers.”
Valdsgaard has experience working with AR technology, having launched IKEA’s “IKEA Place” AR platform when he was senior vice president of digital transformation at the Swedish-Dutch furniture company.
London Dynamics did not disclose where the seed capital came from, saying only that the company was backed by various family offices and angel investors.
“While there is a clear need in the retail sphere to embrace change, 3D product visualization and augmented reality have a much bigger role to play,” added Valdsgaard.
Based in London, the company has additional locations in the Netherlands, Germany and Sweden. AR technology is currently used by Bremont Watches, Colnago bicycles and Crate & Barrel.
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