AI interior design firm DigitalBridge secures £3m funding
Manchester-based virtual kitchen and bathroom design platform DigitalBridge has secured a £3m investment.
The funding round was led by Maven Capital Partners and comprises a £1.5m package from Maven’s Venture Capital Trusts and £1.5m from the NPIF Maven Equity Finance.
The new funding will be used in the launch of its AI-powered platform, which allows retailers to offer 3D bathroom and kitchen designs which incorporate their catalogue of products.
It will also support the creation of 15 new jobs at the firm.
“In addition to the European retailers we are working with, this investment supports our growth into the US market and allows us to deliver on the opportunities we’re already working on,” said David Levine, CEO at DigitalBridge.
“Consumer buying behaviour has fundamentally changed, especially online as e-commerce now accounts for 15 percent of all retail purchases, according to Mary Meeker's Future of the Internet.
“People are doing most of their research online and are being inspired by what they see. Bathrooms and kitchens still require a lot of face-to-face time and store visits, however, so DigitalBridge uses AI and Computer vision to guide consumers through the complex and confusing journey of designing their dream bathroom or kitchen.”
Jeremy Thompson, Investment Director at Maven, added: “The team at DigitalBridge have developed a market-leading AI product which solves a genuine problem for retailers by better engaging with their customers online.
"The considerable traction they have seen proves they’re enabling retailers to increase conversions, shorten sales cycles and increase order values. The business is developing a strong working culture which has helped them attract some exceptional talent in Computer Vision and Machine Learning.
"We are genuinely excited to work with them and support their next stage of growth, as they look to accelerate deployment of the existing product, develop new products and enter new markets, including the US".