ByondXR announces $7 million Seed round for 3D virtual shopping experiences
The Israeli startup provides a web-based extended reality (XR) platform that can be used by brand websites to produce virtual environments with the intention to copy physical stores and showrooms
Israeli immersive platform for retailers and brands, ByondXR, has announced that it has secured a $7 million funding round in Seed. The round was led by Firstime and OurCrowd, with additional participation from angel investor Peter Chu, founder and former CEO of leading XR platform HTC. The funds will be used to expand its R&D and customer success efforts.In the last few years, eCommerce has become somewhat essential in the retail industry, in no small part due to Covid-19 and the pandemic. Worldwide, there was a 27.6% increase in eCommerce sales last year reaching $4 trillion. Despite the massive jump in online demand, many retailers face challenges such as gaining new customers, fostering their loyalty and converting online visits into paying customers.
"We are thrilled to be working with ByondXR, assisting the team in creating an invigorating online shopping experience and helping brands re-engage with their customers following a year of virtually no in-store interaction," said Jonathan Benartzi, Founder and Managing Partner at Firstime VC. "We see tremendous potential in ByondXR capable of transforming the entire eCommerce industry as we know it, and are excited to be a part of their journey in ushering in the next generation of retail.”ByondXR was founded in 2015 by Lavavi and Eran Galil, who serves as the company’s CTO. The company works with international brands including Lancôme, Target, Coca-Cola, L'Oreal, P&G, and Caesarstone, among others.