artlabs, Turkey’s leading 3D & AR for commerce and metaverse platform, announces the successful completion of a $700K seed investment round and rebranding.
artlabs, Turkey’s leading 3D & augmented reality for commerce and metaverse platform, announces the successful completion of a $700K seed investment round and rebranding. The round was led by Techmine with follow-on investments of EGİAD Angels and Kültepe Investment.
Founded in 2019 by 3 engineers (Uğur Yekta Başak, Dr.Mahdi Kazempour, and Sercan Demircan), artlabs was a part of the KWORKS Entrepreneurship and Research Center acceleration program. Today, the team consists of 21 people coming from strong academic backgrounds.
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We want to be the first artificial intelligence-driven 3D content creation engine of the metaverse and we aim for a trillion-dollar market.”— Uğur Yekta Başak, Co-Founder & CEO
After completing a pre-seed investment last year, the company focused on improving its technology and was able to scale up creating digital twins of physical products with the help of artificial intelligence. It has developed an omnichannel integration infrastructure that can distribute the digital assets to the web, mobile, virtual stores, marketplaces, and metaverse environments. After that, artlabs started to work with the leading global brands, and in the first quarter of 2022, 95% of its revenue was obtained from the retailers and marketplaces in the US and UK. In addition to 3D & AR display, artlabs increased its customers’ sales conversion rates by double-digit percentages by offering the ultimate virtual try-on (VTO) feature to the sneaker market. In the last year, 4 million users viewed the company’s immersive experiences more than 40 million times.
artlabs is also an active player in the metaverse space. The company enables the AR display of 3D NFTs and virtual fashion projects. At the same time, it produces “interoperable” digital assets that are optimized for different virtual worlds.
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Co-Founder & CEO Uğur Yekta Başak said, “Metaverse has already entered our lives, but we need to democratize 3D content production in high quality to create meaningful virtual experiences. The technology we continue to develop will lead to and accelerate the development of new experiences in many sectors, not only in commerce. We want to be the first artificial intelligence-driven 3D content creation engine of the metaverse and we aim for a trillion-dollar market.”
Announcing its renewed branding along with the investment it received, the company aims to expand its eCommerce solutions in the US and European markets and multiply its income. artlabs, which is also preparing for a “utility token” launch on the blockchain in the following days, has already put 3D content creation for the web3 and gaming industry on its agenda.