mirrAR, a pioneer in augmented reality (AR) and artificial intelligence (AI) solutions, has successfully completed its Pre-Series A capital raise, securing an impressive $1.75 million. This funding marks a significant milestone for mirrAR.com, solidifying its position as a global leader in reshaping how consumers interact with brands.
The financing was led by strategic investor Diaspark Inc, based in the United States, and attracted the participation of notable angel investors, including Aparna Chennapragada, CVP of Microsoft, Alagu Periyannan, founder of BlueJeans by Verizon, and Khadim Batti, CEO and co-founder of Whatfix.
Redefining the Shopping Experience
mirrAR’s mission is to revolutionize the shopping experience for 3.6 billion users worldwide through the power of AR and AI. Their cutting-edge technology empowers brands and retailers to provide immersive 3D and 360-degree shopping experiences across websites, mobile apps, and social channels, utilizing the 3D Commerce Cloud. Shoppers can virtually try on products or interact with them in their physical surroundings, enhancing the buying process with engagement and information.
Pioneers in Innovation
Founded by Meghna Saraogi and Lalit Vijay, mirrAR is at the forefront of innovation, transforming customer-brand interactions both online and offline. With an impressive roster of over 50 clients, including industry giants like Titan, Tanishq Jewellery, and DeBeers subsidiary Forevermark, the company has achieved remarkable growth. They’ve witnessed a staggering 35% increase in conversions and an impressive 160% surge in engagement for their portfolio brands. In 2023, customers spent over 100,000 hours experiencing virtual try-ons, highlighting the profound impact of their technology.
After making significant strides in the Indian jewelry market, mirrAR.com is aggressively expanding into the US jewelry market. Their virtual try-on experiences have become instrumental in enhancing customer interactions with brands, both online and in physical stores. mirrAR.com is also broadening its scope to redefine beauty, skincare, and salon experiences.
The Potential of AR
Studies by organizations like the Aberdeen Group and Gartner emphasize the enormous potential of AR in boosting customer satisfaction and driving increased sales. The augmented reality and virtual reality market is projected to grow from $27.96 billion in 2021 to $252.16 billion by 2028, with an expected CAGR of 36.9% during 2021–2028, according to Insight Partners.
Excitement from Investors
Abhishek Chhajlani, Chief Operating Officer at Diaspark Inc, expressed his excitement about the investment, stating, “Having known Meghna for about four years now, I’m very inspired by the great work she’s doing at mirrAR, building a great product, and she has a great team backing her vision up. We’re looking forward to joining forces as their partner, and I wish the team the best.”
Redefining Beauty and Wellness
The beauty and wellness industries have always been leaders in creating memorable customer experiences, and mirrAR.com is pushing the boundaries by infusing them with digital, immersive, and experimental elements. Founder and CEO Meghna Saraogi shared her vision, saying, “With mirrAR, we’re redefining that curve by making it more digital, immersive, and experimental. Customers are more aware today and expecting brands to innovate consistently. With our AR and AI technology, we’re personalizing and offering pre-visualization makeup experiences globally to cater to these evolving needs.”
Virtual Try-On Experiences
The innovative beauty product from mirrAR.com will empower customers to virtually try on a plethora of shades across various product categories, including lipsticks, eyeliners, blushes, and more, before making a purchase decision. Additionally, shoppers will have the opportunity to experiment with multiple celebrity-inspired looks, festival themes, and occasion-specific styles, all while accessing the products used to achieve those stunning looks.
Fueling Future Growth
This Pre-Series A capital raise will enable mirrAR to strengthen its proprietary technology stack, expand its presence in the global beauty and jewelry industries, continue its journey of innovation, and bolster its go-to-market efforts in the US and Asia-Pacific regions.
Welcoming an Industry Expert
mirrAR is also delighted to announce the appointment of Marty Hurwitz, CEO, and Founder of THE MVEye, to its advisory panel. With over three decades of experience in the gem, jewelry, and watch industries, Marty Hurwitz brings a wealth of knowledge and expertise to mirrAR, positioning the company for even greater success in shaping the future of retail innovation.
- mirrAR raises $1.75 million in Pre-Series A funding, led by Diaspark Inc and prominent angel investors.
- The company leverages AR and AI to transform the global shopping experience, providing immersive 3D and 360-degree interactions.
- They have seen remarkable growth, with a 35% increase in conversions and 160% surge in engagement for portfolio brands.
- mirrAR is expanding into the US jewelry market and redefining beauty and wellness experiences.
- The augmented reality and virtual reality market is set to grow exponentially.
- Marty Hurwitz, an industry expert, joins mirrAR’s advisory panel to drive further innovation in retail.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.