Daily News
From Home Furnishing Business
AI Design Provider Renovai Closes on $3.7 Million Seed Round
August 2,
2021 by Laurie Northington in Business Strategy, Industry 
Renovai, a provider of visual AI design solutions, has announced the closing of its Seed Capital raise of $3.7 million, led by Canadian tech fund Verstra Ventures and co-led by Australia’s leading retailer Temple & Webster. Additional participants are Alchemist Accelerator, NGN Partners , Citrine and Fusion LA.
This round marks a new stage for Renovai and the company is evaluating its unique solution market fit and growing demand. Funding from the Seed round will be used to build out additional products and optimize current ones, hire key R&D, Marketing and Sales personnel.
After completing the Alchemist Accelerator program in 2020, Renovai quickly gained traction with global leading retailers including Temple & Webster, MADE.com, John Lewis & Partners, among others, providing them various Visual AI Recommendations solutions.
Renovai leverages computer vision and deep learning incorporated in its Correlated Deep Tagging methodology to decipher decades of design best practices, creating the first ever AI based virtual stylist. The bespoke solutions cover all digital customer interaction touch points, ensuring an unbeatable hyper-personalized omni experience for shoppers, while improving KPI's across the board for clients. By presenting products in a personalized context, Renovai ensures perfected shopper-product matchmaking and create intuitive up sell and cross sell opportunities.
"Our partnership with renovai allowed us to offer much more than any other online retailer in Australia by providing each shopper with a personal inspiring journey," said Adam McWhinney, CEO and co-founder, Temple & Webster. "The technology that was nice to have before COVID is now what sets a brand apart in a highly competitive landscape. We are excited to continue working with this brilliant team to empower more meaningful work.”
"We were impressed by the value renovai unlocks by bridging the gap between design methodology and AI abilities, generating new revenue opportunities for online furniture and homeware retailers. They have huge potential to revolutionize the way shoppers will interact with brands," said Matan Hazanov, vice president, Verstra Ventures. "renovai's team insights into the current industry demands and end customer-centric approach makes us extremely excited to be a part of this round and see how the company will scale.”