London Dynamics has secured £1m in seed funding for its augmented reality (AR) and 3D model software for ecommerce businesses.
Retailers can use the software to integrate 3D models of their products that can change based on user preferences, such as changing the colour of a bike.
Additionally, customers can place the advertised products within an AR digital environment to get a better understanding of how the product will look in their home before buying.
Michael Valdsgaard, CEO of London Dynamics said: “We understand the current economic conditions and have built a business that is geared for sustainable growth, unlike many other startup software providers.”
Valdsgaard has a background working with AR technology, having launched IKEA’s AR platform “IKEA Place” while SVP of digital transformation at the Swedish-Dutch furniture company.
London Dynamics has not disclosed where the seed capital came from, only stating that the company has been backed by various family offices and angel investors.
“While there is clear need within the retail sphere to adopt change, 3D product visualisation and Augmented Reality has a far bigger part to play,” added Valdsgaard.
Based in London, the firm has additional locations in the Netherlands, Germany and Sweden. The AR tech is currently used by Bremont Watches, Colnago bikes and Crate & Barrel.