Ukrainian startup 3DLOOK raises $1 million. Deal details
Ukrainian startup 3DLOOK has attracted $1 million from the pool of investors who have already invested in the project. Vadim Rogovskiy, the founder of the company, told Forbes magazine about it. The AIN.UA journalist asked for more details about the round.
The lead investor was the financial group ICU Ventures. Among the new participants of the round is Murat Abdrakhmanov, a venture capitalist from Kazakhstan, who previously announced his intention to invest $2 million in Ukrainian startups, as well as several other angels from the U.S. and Eastern Europe.
According to Vadim Rogovskiy, during the pandemic, 3DLOOK began to grow much faster. The company has concluded many agreements with multibillion-dollar companies engaged in the production of uniforms, as well as with online retailers from the United States and Western Europe. Some of them are currently at the signing stage.
In June, we launched with a U.S. public retailer, first in 200 stores, then planned to launch in all 1,000+ stores within a month.
3DLOOK develops for them a white-labeled app designed for shop assistants, which allows contactless capturing human body measurements with photos for providing clothes sizing service. According to Rogovskiy, this is especially relevant during the pandemic, since most retailers do not have dressing rooms in their stores.
What were the funds raised for?
Vadim Rogovskiy noted that the funds raised will help the startup to make profits faster. The round will also allow hiring more specialists in Ukraine and the USA. In an interview for Forbes, the founder said the company is looking for employees in the New York office.
We need specialists to integrate more quickly and to start up with all the enterprise clients who joined us during the quarantine.
What does 3DLOOK do?
3DLOOK Startup works on the technology of scanning the human body by photo using artificial intelligence, neural networks, and 3D technology. In 2016, it was founded by Vadim Rogovskiy, who previously headed the company Clickky.
In 2018, in the interview for AIN.UA, Rogovskiy estimated the business at $10 million. At that time, up to $2 million has been invested in the startup, including funds from investors, who believed in the future of the technology, as well as personal funds of Vadim Rogovskiy. Later, the startup attracted $1 million from UVentures, 500 Startups, and several business angels.
Over the years, the company has undergone an acceleration program at Boost.vc, receiving $50,000 investment in return for 7% of the company, and in 2019, became a resident of Station F, the largest startup camp in the world.