Photo - Wizart
51105

Wizart

Augmented Reality visualizer for finishing materials

Belarus, The Grodno region
Market: Real estate, Trade, Virtual and Augmented Reality
Stage of the project: Operating business

Date of last change: 26.01.2021
Show contacts
1
equalizer from 2000
help
Calculated and estimated occupancy of the project (more about ratings)
My rating
1
2
3
4
5
6
7
8
9
10
Average rating:
 

Idea

Wizart enables DIY retailers to help their customers try on finishing materials in their interiors online. Wizart offers a computer vision augmented reality solution allowing real-time visualization of finishing materials by taking photos of real-life interiors while preserving photorealistic perspectives, scale and shadows

Current Status

25 paying customers since operational launch in February 2020 representing 10% m/m growth. The company is at $16k in MRR, has just signed Petrovich ($50m+ rev. company) and negotiating with Leroy Merlin (#1 DIY retailer in Europe). Clients’ geography spans US, EU, UK, Central/South America, Mid East and Russia (only piloting). More than 3M photo renders made with Wizart in 2020 alone.

Market

There are over 500k DYI manufacturers and retailers globally with $400bn annual market size, growing 4% annually. This number is surging due to COVID as market increasingly moves online and is looking for better and easier ways to sell their merchandise.

Problem or Opportunity

Problem: DIY online stores offer very poor product experience for finishing materials. Most people find it hard to imagine how a given finishing material is going to look like in their homes (“imagination gap”). The only real solution is for the store to offer shipping free or cheap samples, but this practice is costly and ineffective. This leads to the unnecessary loss in sales and a high rate of purchase returns. Wizart creates confident shopper who can take a photo of their interior and see photorealistic visualization of how it will look like at the end with new finishing materials applied, thus cutting diminishing the rate of purchase returns, shortening the transaction cycle, driving up customer engagement and satisfaction and thus increasing conversion rate and delivering a net financial gain to our clients.

Solution (product or service)

Wizart enables DIY retailers to help their customers try on finishing materials in their interiors online. Wizart offers a computer vision augmented reality solution allowing real-time visualization of finishing materials by taking photos of real-life interiors while preserving photorealistic perspectives, scale and shadows. Wizart technology helps customers visualize their interior renovation ideas by selecting new wallpapers, flooring, ceramic tiles and other finishing materials. The company sells its widget to manufacturers and retailers to integrate into their online stores and catalogues.

Competitors

Right now, there is only one direct competitor to Wizart, which has not gained a substantial market share yet. Thus, we are looking to move fast, leveraging our competitive advantage of a superior neural network based computer vision technology while others use cumbersome 3D modelling or subpar computer vision variants that cannot deliver precise and photorealistic enough quality of visualization. Both alternatives are complicated for a regular user who wants to see results immediately and in the least possible number of clicks/taps.

Advantages or differentiators

Wizart is the only company that invests in creating DIY products’ catalogue from brands all over the globe to deliver directly to retailers which simplifies and makes product publishing affordable thus dramatically reducing time to market.
Our unique computer vision technology is very complicated to repeat - thus we are at least 18 months forward to anyone who would like to start direct competition.

Finance

Wizart charges small retailers $1k-$5k annually and mid-market retailers $5k-$40k annually to increase the profitability of their businesses by increasing their conversions and decreasing their losses and rate of purchase returns.

Business model

B2B SaaS. Wizart charges a monthly/annual SaaS subscription.

Unit Economics: CAC $1,7k (will go down to $1,5k with scale), LTV/CAC 6.5x (will go up to 10x-12x with ARPPU and LT increase), churn 0% (sticky product which improves customers’ status quo in 100% cases), net burn rate at $35k.

Money will be spent on

70% Scaling up sales - hiring, improvement of sales channels, entering new markets (flooring, ceramic tiles).
30% product development, mostly to improve unit economics

Offer for investor

Raising $1m on an $8m post money cap SAFE in order to get to $ 2m in ARR in 18 months. $0.2m committed to date.

Team or Management

Risks

Political crisis happening in Belarus actually might make negative impact on team located there. Though, we took and are taking reasonable activities to decrease the risk (reincorporated and moved IP to US/Delaware, established independent cloud infrastructure and distributed team management)

Incubation/Acceleration programs accomplishment

None

Won the competition and other awards

Finalist of EMERGE 2020

Product Video

5,00
1
2
3
4
5
1 voice
Sign in/Sign up
arrow_back
EN
more_horiz
close
visibility354
star1
Add to favorites
Delete from favorites
share
close
thumb_up0
Like
Unlike
Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video